Could public to buy shares in nationalised Steam Packet?

LibVan politician floats proposal

A political party says the Manx public could buy shares in the Steam Packet to benefit from government's nationalisation of the company.

The idea has been floated by LibVan as a way of letting the Manx people to have a direct stake in the investment, which cost the taxpayer £124 million.

Government bought the company last year from Banco Espirito Santo, and last month Tynwald approved new 'Heads of Terms' for the Sea Services Agreement.

The Department of Infrastructure is now in the process of finalising a 25-year agreement with the Steam Packet, which wont come into force until 2020. 

LibVan party member and MHK Lawrie Hooper says it's important money makes it way back into the public's pockets without government interference.