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Cannan signals move on MU debt

Repayment ahead of schedule

There are indications the government may be close to clearing some, or all, of Manx Utilities' multi-million pound debt.

The company has to repay a £185 million bond, after bosses of the former MEA took out vast unauthorised loans.

Although repayment is ahead of schedule, the debt isn't due to be settled until 2034 - and customers are ultimately footing the bill.

The impact of the loan on the authority's current pricing has been studied by ministers, and it's been suggested government reserves could be used to pay off the debt. 

Treasury Minister Alf Cannan says the review is high on the political agenda:

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