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Electric Prices to Skyrocket
Alf Cannan was speaking ahead of next week’s Budget, with a decisive lack of good news.
The Chief Minister has warned that the publicly owned Manx Utilities will have ‘no choice but to start raising prices substantially’.
Alf Cannan was speaking ahead of next week’s Budget, with a decisive lack of good news.
In a speech to the Alliance of Isle of Man Compliance Professionals (us neither), Mr Cannan warned of challenges ahead: ‘I recognise that these are tough economic conditions for everybody and that businesses are struggling with costs, supply chains, staffing and productivity. I am afraid to say that the pressures will not get any easier over the next twelve months.
‘I expect that Manx Utilities will have no choice but to start raising prices substantially. I know that maturing fixed term mortgage payments are going to be an immense shock to some. Inflation, whilst perhaps peaking, is continuing to cause pressure on the cost of living and of course we continue to live with the global uncertainty created by a dangerous conflict on our doorstep.’
However, Mr Cannan, in a move that will help no-one in the coming weeks and months, also said that the gov’s plan to grow the economy and create 5,000 new jobs would make a difference.
He said: ‘This government is putting in place the foundations for long term success. We are not thinking in the short term – we have a long term plan in place that will not only gives us another 15 years of economic growth, but that will make the island a better place. A better place to live and work, a better place for a more just society and a better place for people from all walks of life to succeed, not just in business and industry, but in sports, the arts and their daily lives.’
What about the loan?
A good question, MUA recently said it hadn’t had to draw on the £26m offered up by Tynwald to keep prices low, this also comes at a time when Isle of Man Energy and CURA are locked in talks to reduce gas tariffs.
