Interim Chair of the Hospitality Board says that the 2025 Budget is a “step in the right direction”, but doesn’t provide a “long-term solution”.
The board welcome measures such as tax reductions, National Insurance adjustments, and continued investment in key public services.
Interim Chair Steve Pickett told Manx.News that it is encouraging that there will be no increase in employer National Insurance contributions.
However, he says “this does not provide a long-term solution and businesses will continue to face serious challenges”.
Solution
The Board stresses the need for greater targeted support for the hospitality and leisure sectors as key contributors to the island’s economy and employment.
Steve said: “The Isle of Man’s hospitality and tourism sectors are integral to growing our population, enhancing visitor experiences, and driving economic activity.
“Generating demand for the island’s hospitality trade is the only way to ensure growth, job security and business sustainability.”
Working Together
He added: “The focus must shift towards generating footfall by maximising the assets and connectivity the island has, protecting our key events and building a portfolio of new events, which will ensure a strong, sustainable visitor economy that supports the hospitality trade year-round.”
The Hospitality Board looks forward to working with Government to ensure a more coordinated and long-term approach.
It believes that focusing on investment in growth and rather than short-term relief, the island can build a resilient, thriving hospitality sector that continues to create jobs, enhance the visitor experience, and contribute to a stronger economy for all.
3 Comments