Page 4 - Bus365 Issue 11 2021 WEB
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           SOARING ENERGY PRICES POSE SERIOUS


           SOCIAL AND ECONOMIC CHALLENGES

           Whilst we warmly congratulate Alfred Cannan   Government             If, as predicted, there are casualties within the
           on his election as the Island’s Chief Minister,                      sector this Winter there will be an inevitable
           nobody should underestimate the challenges                           knock-on effect into other areas.
           his administration faces in the months and   needs to grow
           years ahead.                                                         Government needs to grow the economy, and
                                                   the economy,                 as part of that strategy it needs to attract more
           The latest massive rise in fuel costs is an                          people to the Island. The job will become
           unwelcome spanner in the works, which   and as part of               even harder if our towns and villages are
           threatens to have huge implications both                             awash with empty shops and closed pubs.
           socially and economically.
                                                    that strategy               Sky high energy prices are a worry to many
           Whilst previous administrations have managed                         businesses across the board. From factories
           to successfully balance the books they have   it needs to            with high energy consumption to office blocks
           also presided over a widening of the gap                             that have to be kept warm and comfortable
           between the well off and the poorer members                          for workers, there’s no escaping the fact that a
           of Manx society.                          attract more               27.5 per cent jump in gas prices is a big worry.

           The soaring cost of gas, petrol, diesel and   people to the          The Coronavirus pandemic has been a
           food will – in reality – be little more than                         huge challenge for government but has at
           an irritation to big earners, but for those on       Island.         least given it first-hand experience of crisis
           modest incomes the effects can be profound.                          management. Alfred Cannan as Treasury
           The increases are not the fault of our   It’s a strange dichotomy that at a time of   Minister and David Ashford at Health were
                                                                                right at the sharp-end of the last government’s
           politicians, they have come about from global   almost full-employment we face a raft of   response.
           issues beyond their control. But they do have   economic problems that threaten to de-rail
           a responsibility to do all they can to mitigate   parts of the economy.  Post-election they find themselves in different
           the effects on behalf of the people of the   Two of the weakest areas – retail and   roles – Mr Cannan as Chief Minister, and Mr
           Island.                           hospitality – have most to fear from the   Ashford at Treasury, though still in the eye of
           The hope is that some of the increases may   effects of rising prices. Less disposable   the storm.
           be relatively short-lived, though history has   income for many people means fewer visits    They may need to develop their crisis-
           shown that upward spikes are rarely matched   to pubs, restaurants, hotels, leisure facilities,   management skills further in the months
           by downward movements on the same scale.  and shops. This at a time when the sector   ahead.
                                             desperately needs a boost in trade.




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                    Sales: Sarah Ashall                    Editor: Simon Richardson
                    T: 01624 696556                        T: 01624 696590             Business365iom
                    E: sarahashall@mannin-group.im         E: simonrichardson@mannin-group.im
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