The Isle of Man Chamber of Commerce urged government to take a cautious approach to future minimum wage increases during the Manx.News Budget debate.
Chamber representative Chris Corlett warned that some sectors remain under strain despite signs of wider economic stability.
Corlett said retail and hospitality businesses in particular are still fragile, telling the panel that “now is not the time for another large minimum wage rise.”
He said many firms are operating on tight margins and that further significant increases could risk job losses or reduced hours if introduced too quickly.
Economic Concerns
Corlett also highlighted broader economic concerns raised throughout the discussion.
He said businesses need certainty and stability to plan ahead, and stressed that the island’s economic strategy must be clearer and more consistent if government wants to support growth.
He noted that while the Budget contains positive elements, the island still faces structural challenges that require long‑term thinking rather than short‑term fixes.
Corlett added that the Chamber wants to see a more joined‑up approach between government and industry, particularly around workforce planning, competitiveness and the cost pressures facing smaller firms.
Corlett said businesses are supportive of fair pay but warned that wage policy must be balanced with the realities of the current economic climate.
