The Treasury Minister insists recent job losses do not point to any economic downturn.

But Alfred Cannan said there should be no room for complacency, given the international pressures and uncertainty facing the island, not least Brexit.

A number of companies have announced job losses in the last few weeks including The Stars Group, Old Mutual, RBSI and Zurich.

However, Treasury Minister Alfred Cannan said: ’There is no current data to support any view that recent redundancies point to any economic downturn in the Manx economy.

’But, as I emphasised in my last Budget speech, there should be no room for complacency irrespective of strong income receipts and GDP figures.

’I remain fully aware that international events may impact the local economy at some point, but also extremely optimistic that the island is well placed to take advantage of new opportunities that may be presented in the future.

’I look forward to the next set of economic data and am confident this will evidence strong economic growth in the island.’

Mr Cannan said the government offers a number of schemes to businesses to assist with economic growth and maintain jobs.

Head of economic affairs Adam Smith said business confidence remained good.

He added: ’The latest business confidence survey indicated that the financial sector was the least confident due to its outlook for the next six months, but overall confidence was still positive in that area.

’The economy as a whole indicated optimism more generally too.

’The survey did show that one in four companies had been negatively impacted by uncertainty surrounding Brexit, which has had an impact on some investment decisions, but the majority of businesses have not deferred investment.

’As for other indicators, property sales are fairly steady, with 2018 having been the highest number of property sales for a number of years.

’Unemployment is continuing to remain at very low levels, while planning approvals and building control applications remain steady, as are work permits.’

Last month, The Stars Group announced up to 80 jobs could be at risk due to ’headwinds over the last year, including disruptions in our key markets’.

The e-gaming giant is now set to merge with the owners of Paddy Power, with the combined group to be based in Dublin but the island will remain an important operational hub for the foreseeable future. RBSI has announced 19 job losses, four jobs are at risk at Zurich and there have been 14 voluntary redundancies at Old Mutual.