MHKs have raised concerns about the island’s regulatory environment and its impact on business sectors, particularly e-gaming and insurance.
Treasury Minister Dr Alex Allinson faced questions on whether the Isle of Man will achieve 3% real GDP growth in 2025.
While acknowledging global uncertainty, he cited strong employment figures: “There are about two vacancies for every jobseeker.”
During supplementary question, Rob Callister warned of growing unease, stating: “There is something definitely wrong with our regulation, our guidelines, our legislation.”
He highlighted inconsistencies, saying: “A company can be regulated and checked 14 times with nothing wrong, then suddenly fail on the 15th visit.”
Mr Callister urged reassurance for sectors fearing job losses, adding: “We need confidence restored in these key industries.”
Challenges
Jason Moorhouse noted the e-gaming sector’s challenges, with 14 companies surrendering licences this year. Dr Allinson responded: “We’ve seen consolidation, but growth in banking and tourism offsets this.”
Chris Thomas also challenged Moody’s GDP forecasts, to which Dr Allinson confirmed that “there’s a disconnect between GDP and tax income”.
Enterprise Minister Tim Johnston however defended e-gaming’s resilience, stating: “Licence numbers don’t reflect the sector’s health—many firms operate business-to-business.”
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