The latest Business Confidence Survey indicates positive business confidence for the future across all sectors of the Isle of Man’s economy.
The Business Confidence Survey is released twice a year by the Economic Affairs Division of the Cabinet Office and is designed to gauge business activity, optimism, planning, staffing and investment in the economy by surveying local employers.
Despite global economic risks, including those driven by Brexit, the survey indicates that local employers are confident about doing business in the Isle of Man with only 18% of businesses stating they have deferred or reconsidered investment decisions due to Brexit over the past six months. The Financial Services sector ranks as the most confident, both currently and looking to the future.
There is 79% satisfaction with the ease of doing business in the Island, up from 75% in April 2019. The survey also found that 96% of businesses either ‘agreed’ or ‘strongly agreed that the Island is a safe environment for business.
Minister for Enterprise, Laurence Skelly MHK, said:
‘While Brexit-related uncertainty has continued to provide a challenging wider economic climate for many sectors, it is positive to see these findings reflect a local business environment of optimism here in the Isle of Man. All business sectors are both confident and predicting the same or increased employment growth, which is an important statement of confidence in itself.
‘The Department for Enterprise seeks to help our local employers to meet and exceed their projected needs, and the Business Confidence Survey provides essential information that is required for economic monitoring, short-term forecasting and economic research so we can remain proactive in supporting our businesses.
‘It is especially encouraging to see satisfaction with the work permit system continue to remain strongly positive, since the Department for Enterprise introduced reforms to the system.’
Across all sectors, satisfaction with the work permit system has continued to remain positive. The 82% satisfaction rating marks an increase of 44 percentage points since the survey began in 2017. More than 85% of applications are now processed either the same or next working day.
The Isle of Man Business Confidence Survey report is published on the Cabinet Office Economic Affairs Division section of the Government website.
The Department for Enterprise offers a range of support and financial assistance for businesses who are looking to start up, grow or relocate to the Island. Visit www.gov.im/enterprise for more information.