What are the knock-on effects of the gas price rise?

Economist and charity rep discuss recent increase

Last week Tynwald members voted to approve a gas price rise of 27.5% in the Isle of Man.

One local expert believes the hike will have a knock on effect in other sectors.

Simon Nicholas, a partner at KPMG, said it's not just households that will dig deeper in their pockets but also businesses:

In response to the hike, Treasury Minister, David Ashford announced £1 million support which will be made available but Mr Nicholas believes inflation will also rise:

In the run-up to the rise, charities across the Island had been preparing.

Representatives from charities such as the Foodbank, The Salvation Army and Housing Matters had been meeting with Manx Gas to look for mitigations in the event of the uplift we saw last week.

"We would rather people asked for help, and get that help, than literally starving themselves or freezing themselves to death."

David Gawne, Vice-Chair of the Council of Voluntary Organisations, says the increase will have a wide impact - and not just on those already on the breadline:

Meanwhile, a Douglas South MHK has claimed that the million pounds of support, in the wake of the gas price rise, will prove woefully inadequate.

"It didn't reach far enough, it didn't reach wide enough - I feel it'll be the same situation as back then."

Claire Christian has compared the situation with the initial support given when Covid struck: