Chief Minister Alfred Cannan MHK chaired an extraordinary meeting of the Economic and National Strategy Board on Tuesday 10 March to assess the emerging economic and social impacts arising from the ongoing conflict in the Middle East.
Ministers and officials met to review a detailed analysis of potential inflationary pressures — particularly movements in global energy markets — as well as wider risks to the Island’s economic stability.
The Government is working closely with fuel suppliers as the situation develops. While demand has increased, residents are asked to be patient as orders are processed. Current assessments show that there is likely to be a rise in fuel costs over coming weeks, but these will be monitored by the Office of Fair Trading.
The Board was reassured regarding the resilience of the Isle of Man’s fuel, food and medicine supply chains and received updates on the work being undertaken in partnership with the UK Foreign, Commonwealth and Development Office (FCDO) to support Manx citizens affected overseas.
Speaking after the meeting, the Chief Minister said:
‘This week’s meeting enabled us to assess the potential impacts on our Island — whether economic, social or operational — and ensure that the necessary work is under way to safeguard our community.
‘I want to reassure the public that Government is taking a proactive and coordinated approach. We will continue to prepare for any potential developments in energy markets, supply chains or other areas that could influence life here at home.
‘Our thoughts remain with all those affected by the conflict.’
The Chief Minister confirmed that the Board will continue to meet regularly as the situation unfolds, ensuring Ministers and officials remain aligned and ready to respond as required.
Further updates will be issued as appropriate.
