Treasury Minister Chris Thomas MHK addressed members of the island’s business community at a Chamber of Commerce event providing an update on the 2026 Budget.

The ‘Budget & Beyond’ business breakfast briefing was held at Looky’s Lounge Bar in Douglas on February 20 and was sponsored by Grant Thornton, one of the Chamber’s Gold Members.

Following a welcome from Chamber chief executive Rebecca George, Simon Nicholas, Head of Practice at Grant Thornton, delivered a short speech outlining the purpose of the event and the firm’s views on the Budget.

The Treasury Minister then presented further detail behind the Budget’s headline themes of ‘stability, security and confidence’, with particular focus on the drive to increase personal income.

His address was followed by a question-and-answer session led by Chamber President Claire Watterson.

It comes following Tynwald’s Budget which will raise the personal income tax allowance from April 2026, meaning you won’t pay tax on the first £17,000 you earn (£34,000 for jointly assessed couples), while pensions and most benefits are also going up.

Manx Care is getting more funding to cut waiting lists, yet critics warn hundreds of millions are being drawn from reserves and say the island is living beyond its means, despite the Budget ultimately passing after a heated debate.

Discussion points raised by attendees at the Chamber event included the strategy to drive economic growth, government efficiency, healthcare spending and funding, public sector pay and pensions, net-zero and energy security, and air links and off-island connectivity.

Chris Corlett, Chamber’s Legislation Group Lead, also spoke briefly about his additional role as Election Task Force Lead.

He outlined the Task Force’s mission to inform candidates and the electorate in the run-up to the General Election in September and thanked the Minister for recognising the economy as a key election issue.

Closing the event, Ms Watterson thanked the Minister, guests and the sponsor.

She later said: ‘As this was the final Budget of the current administration, today’s event offered a timely opportunity to understand not just what has been announced but also what it signals for the island's economic direction, public finances and policy priorities.

‘The briefing was designed to help businesses cut through the headlines, assess the real-world implications of the Budget, and engage directly with the new Treasury Minister on the choices made, the trade-offs involved, and the challenges still ahead.’

Mr Thomas said: ‘Events like this provide an invaluable opportunity to discuss the choices set out in the Budget and to hear directly from the businesses who help drive the island’s economy.

‘I want to thank the Chamber of Commerce for hosting the session, Grant Thornton for its generous sponsorship and all those who took the time to attend or submit questions. Continued dialogue between government and the business community is essential as we work together to support sustainable growth and ensure the island continues to prosper in the years ahead.’

Grant Thornton said it was pleased to sponsor the event to support informed discussion about decisions shaping the island’s economic future.