A campaign group is urging election candidates to make economic growth a priority amid concerns about falling Isle of Man revenues.

Growth IOM, founded and led by Manx-born digital asset entrepreneur and policy expert James Kingston, has launched its ‘Growth Pledge’, inviting businesses, residents and all MHK candidates to sign up and put the economy at the forefront of the election.

The group says the Manx economy is in decline, with young people leaving and some of the island’s most valuable economic sectors shrinking.

It says the Government is running out of money and that, over the past two years, the economy has contracted by 7.4%.

Isle of Man Chamber of Commerce chief executive Rebecca George, who is part of Growth IOM, said: ‘Economic growth must be an urgent priority for the incoming administration.

‘Chamber members are deeply concerned about the economic challenges facing the island and we welcome initiatives which broaden the conversation about how sustainable growth can be restored.

‘The Chamber will continue to engage equally with all candidates and to put the evidence and priorities of the business community at the heart of the election debate.’

Growth IOM says entry-level jobs are decreasing, with 30% fewer across the economy as a whole and 50% fewer in white-collar roles.

The decline of the e-gaming industry has left hundreds of skilled workers unemployed and dealt a major blow to the Manx tax base, the group warns.

A spokesperson for the group added: ‘This is a problem for all of us because economic decline has a direct impact on our quality of life including our public services.

‘Two thirds of Manx government revenue comes from the export sectors - financial services, e-gaming, manufacturing and tourism.

‘Our daily life - including bins, buses, pensions, schools and the hospital - all rely on the revenue these sectors generate. If that revenue goes, so will our services.

‘Growth gives us the Island we expect. What the Island now needs is a political commitment to seek and prioritise economic growth. Growth IOM is here to channel that commitment.’

Despite its gloomy assessment, Growth IOM believes the island can bounce back with the right policies in place.

The spokesperson said: ‘We have done it before - we have created exciting, internationally respected industries that have made the Island a great place to live and work.

‘We now need politicians and a Government who understand the urgent need for growth and who will work with the private sector to deliver growth again, giving our people well-paid jobs, funding effective public services and giving all in our community a good and sustainable quality of life.’

Growth IOM describes itself as a non-partisan, non-party organisation dedicated to campaigning for economic growth on the Isle of Man.

The Growth Pledge is available through the group’s website.

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