Benefit for Mann
Your money keeps growing after you’ve spent it with us.
Research shows that much more of the money spent with locally owned businesses ‘stays local’, doing far more good for their communities than the same amount spent with non Manx businesses.
We partner with 160 local businesses from the Manx meat industry and local food producers to lawyers, architects, refrigeration servicing to suppliers of plant hire, fixtures and fittings, utilities providers, to builders, local tradesmen and many more.
For every £1 spent with a UK retailer, research* shows that 42p leaves the Island and only 58p remains here to support local jobs, public services, community and charity works.
Spend the same pound at Shoprite and the difference is huge – almost £2 worth of benefit is generated for the economy when you add up the taxes we pay, the value of the jobs we create,our spending with more than our 160 Manx suppliers and up to £1million support generated by Shoprite and our customers each year for local charities and good causes.
Each ‘local pound’ multiplies in worth as it progresses from one Manx family to another, supporting jobs, creating opportunities for growth and providing vital revenues to pay for the essential public services like health and education on which we all depend.
These suppliers have to pay their employees and pay VAT, rates and tax because they are local businesses. Their employees also pay their rates and tax and spend their earnings in the local economy ensuring this money stays in the our economy.
This recycling of the revenue back into the local economy eventually generates over 3x more than it would if it was a UK domiciled business*
For example, if you buy a can of beans with us versus the same can of beans at a UK multiple, the Isle of Man gets 3 x the local jobs, 3 x the income and wealth generation, 3 x the tax collection, and 3 x the charitable giving – all flowing straight into the Manx Economy.
We are not talking about small differences – we are talking about major influences on the Island and its future success.
*source NEF 2008