An Institute of Directors survey has found 60% of respondents are pessimistic about the Manx economy for the rest of 2024.
The Institute of Directors (IoD) Isle of Man has published the results of its first Policy Voice survey in which members are invited to provide their views on a range of issues.
Survey respondents have demonstrated that they face a number of business challenges through 2024, especially in respect of increasing cost pressures.
It found that two thirds expect higher energy bills and four fifths see other non-employee and employee-related costs increasing.
Just over half of respondents expect revenues to grow, with a further quarter expecting them to remain static.
Net Zero
The survey found that only 12.5% of respondents considered that the government engages well with members’ respective business sectors and while one quarter of respondents have publicly committed to Net Zero before or by 2050, nearly half of them have no plans yet to commit to a Net Zero target.
Steve Billinghurst, Chair, IoD Isle of Man, said: “Although the number of responses was fairly low as a proportion of our members, we did enjoy views from a wide range of sectors and the results highlight some themes that we will further explore with our members in future surveys.
“In terms of managing the associated risks from climate change, respondents appear to be uncertain about knowing how to approach reducing their carbon footprint.
“The short and long term financial implications of achieving Net Zero also continue to raise issues, but in particular, respondents indicated that the lack of a green tariff, lack of practical feasibility and higher costs were barriers to pushing towards Net Zero.
“Interestingly, there is a green tariff offered by Manx Utilities for Isle of Man organisations but there would appear to be a lack of awareness of its availability.”
You can read the full report here.
4 Comments