Cannan says MUA write-off affordable

Other projects will go ahead

Treasury Minister Alf Cannan says the proposed write-off of £95 million of Manx Utilities debt is affordable.

If approved by Tynwald later this month, it will mean the MUA will freeze charges for water, sewerage, electricity standing charges and put a 2% cap on electricity prices for the next year.

However, it does mean £6.5 million a year will be missing from the Treasury Capital Programme.

Mr Cannan says that won't be an issue in the short-term and doesn't mean some other schemes will be put on hold:-