BUDGET: Treasury to take £1 million dividend from SPC

Half a million also to be taken out of IoM Post Office

Government will take a £1 million dividend from the Steam Packet this year.

It’s the first time it’s happened since Treasury became the sole shareholder of the company and it was brought into public ownership.

Before the pandemic the Steam Packet was making £20 million in profit – all of which was going overseas.

Treasury Minister Alex Allinson says the time is right to take something back:

Half a million pounds will also be taken from the Isle of Man Post Office which has been described as being ‘relatively more stable’ than in previous years.

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