INDEPENDENT REVIEW OF THE ISLAND’S DOMESTIC ECONOMY COMMENCES

Business Isle of Man, an Executive Agency of the Department for Enterprise, has commissioned an independent review to understand the mid-term impact of COVID-19 on the Isle of Man’s domestic economy.

The review, which will be conducted by PwC Isle of Man, will focus on local customer-facing businesses and will take a staged approach commencing with hospitality.

The comprehensive review will look to understand what impact the COVID-19 pandemic has had on the mid-term viability of these businesses and what financial support and domestic stimulus activity is required to ensure the Island’s local businesses can continue to trade as a going concern up until Easter 2022.

The PwC Isle of Man report will also include a 12 month forecast model for the domestic economy determining what ‘good will look like’ for the year ahead. The review will coincide with, and provide valuable information for the development of a five to ten year Isle of Man Economic Strategy, which has been recently commissioned by the Isle of Man Government.

PwC Isle of Man’s analysis will involve the examination of financial and performance sector data and comprehensive primary research, including in-depth one to one interviews with local businesses, sector-wide questionnaires and focus groups with key stakeholders from each business sector.

Carol Glover, Board Member and representative for Entrepreneurship for the Business Isle of Man Agency, commented:

‘Although our local customer facing businesses are delighted to open again, many of them continue to face difficulties. These businesses were successful prior to the outbreak of COVID-19 and they can be again.’

‘Very recent research has shown that many of these businesses remain under personal and financial pressure, having been closed for 22 of the last 54 trading weeks; missing key trading events including two Easters and TTs.’

‘Our lifestyle in the Isle of Man embraces a strong and vibrant local business sector. In order to return to this as swiftly as possible, this review will help us to identify what that looks like and what’s needed to help them get back to full trading strength, and create a more optimistic pathway out of lockdown, for themselves, their teams, their customers and their businesses.’

Ferran Munoz-Lopez, Partner at PwC Isle of Man, commented:

‘PwC Isle of Man are delighted to have been appointed to the project. The Island’s local business sectors have been hit hard following the outbreak of COVID-19 and still face many challenges ahead.’

‘We recognise the importance of this project to the Isle of Man Government, local businesses, but also the wider economy as a whole. The Island like many other jurisdictions will be facing many economic challenges, however we believe this review and its outcomes will enable Government to seek and capitalise on both new and existing opportunities for the local economy and its customers. The review will commence with the hospitality sector in the first stage, encompassing other customer facing sectors in phase two.’

On-Island businesses within the hospitality sector are encouraged to take part in the first phase of the PwC Isle of Man review which initially includes the completion of a survey, which can be accessed here: https://forms.gle/hcDEd1GVAPjGFg2BA

Any queries relating to the review or survey should be directed to PwC Isle of Man, whom can be contacted at iom_der@pwc.com.