An MHK has challenged Treasury to move beyond monitoring rising fuel costs and take action to support Manx businesses, warning that ‘warm words’ will not pay their bills.

Glenfaba and Peel MHK Katryna Baptist made the comments during Tuesday's House of Keys sitting, as members questioned Treasury Minister Michael Crowe about the impact of rising fuel prices on businesses, farmers, fishermen and households.

Mrs Baptist said she was reassured that the government was monitoring the situation but wanted to know what practical measures were available to help employers facing increasing costs.

She told the House: ‘I have heard lots of warm words today, and I feel reassured that there is much monitoring that's taken place, but that really doesn't pay the bills for these people.’

She asked what measures Treasury had identified to support local businesses and employers, and ‘at what point will action be triggered rather than just meeting and talking about it’.

Mr Crowe said the government's assurances were not simply words and represented action being undertaken by Treasury and other departments.

He said a strategic monitoring group was meeting twice a week to assess the situation facing the island and individual sectors.

He added: ‘All government departments take this matter very seriously, and if necessary, as has been evidenced in the past, if necessary, we would be prepared to intervene.’

Mr Crowe said Treasury was acutely aware of the impact of the conflict in the Middle East on wholesale fuel costs but stressed that the Isle of Man could not influence global fuel prices.

He told members: ‘Treasury cannot influence the wholesale price of fuel, and we're limited in our ability to insulate businesses and residents from global pressures.’

He said any government intervention would need to follow principles previously discussed by members, including having a clear end date, helping build longer-term resilience and targeting those in most critical need.