The lobby group was formed in response to plans to increase the minimum wage by 9.9 percent
The Local Economy Forum says it 'supports and applauds' the changes to the Council of Ministers.
The lobby group was formed in November 2025, following Tynwald's approval of the proposed minimum wage increase.
It had been due to go up by 9.9 percent in April.
The forum's secretary, Brett Martin, says: "From the get-go, our proposals for a partnership with government to achieve a sustainable improvement in minimum wage were rebutted by Treasury.
"No good reason was ever forthcoming, which left our members feeling ignored and frustrated.
"The Chief Minister’s comments this morning and his appointment of Chris Thomas as the new treasury minister have given our members renewed hope that they will be listened to and that a better way of delivering higher living standards can be found."
The new Treasury Minister, Chris Thomas MHK, says says his immediate focus will be taking a slower approach to the implementation of the minimum wage and to ensure there is a substantial rise in personal allowances at the Budget, which is due to take place on Tuesday 17 February.
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