Tynwald agrees borrowing of £400 million to refinance debts

Steam Packet and Manx Utilities loans

Tynwald has agreed to borrow £400 million to refinance debts with Manx Utilities and the Steam Packet Company.

Treasury Minister Alfred Cannan sought approval for the move this afternoon.

The proposal also includes £80 million to be paid to the ferry company for new vessel 'the Manxman'.

In an over hour-long discussion it was reiterated the debt in question is not new, but existing, and the motion includes a repayment plan within 40 years.

Mr Cannan also wanted to make it clear the borrowing doesn't put them at a disadvantage:

The final vote went: 22 for and 2 against in the House of Keys, and 8 for and 0 against in Legislative Council.  

Two following motions, with specific borrowing in relation to both Manx Utilities and the Steam Packet both carried unanimously.