£275m for capital projects over next five years

Designed to progress aims of 'Our Island Plan'

Almost £275 million could be spent on the Isle of Man over the next five years on central government capital projects.

The money would be used to, according to Treasury, ‘progress the aims of Our Island Plan’.

Generally capital projects are large-scale, costly projects which improve, maintain or build public assets.

The total capital programme for 2024-2025 stands at £101.3 million but it’s anticipated expenditure will reach approximately £85 million.

Just under £70 million has been allocated already in this year’s Budget including:

• £10 million has been set aside for ‘climate change mitigation and adaptation projects’
• £6 million has been committed to improvements and refurbishment of the Island’s roads with £1.15 million available for ‘structural maintenance’
• £3.2 million for a Project Development Fund for Castle Rushen High School
• £2.25 million for heritage rail works  
• £1.5 million has been allocated for works at the Isle of Man Airport
• £678,000 for the development of a Home Affairs Communication Programme
• £600,000 will be spent on improvements at Ramsey Shipyard

The total capital programme across five years, to 2028-2029, stands at £429.5 million; the central government programme for that duration is £247.7 million.

Due to continuing inflationary pressures the focus for 2024-2025 will be the delivery of projects that have already started and the maintenance of existing assets.

A capital inflation budget will remain available to assist with continuing inflationary pressure.

The number of new capital projects included in this year's Budget is small however Treasury says it's expected that further schemes may be brought to Tynwald for approval during the year.

Departments still have the ability to make bids to the Project Development Fund in order to perform design and feasibility work and produce fully scoped and costed business cases.

Tynwald will vote on the Budget later today.

Find out more about this year's Budget and how it will affect you by clicking HERE.