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Perspective - The Isle of Man Steam Packet Co.


Monday, March 25th, 2019 - 1 hour 17 minutes

Perspective 24/03 In May 2018, government made a move that will undoubtedly define its administration for years to come. It used £124m of the Manx taxpayer money to purchase the Isle of Man Steam Packet Co. - taking it from Portuguese company Banco Espirito Santo and bringing it into public ownership. However, the proposed takeover which led to the nationalisation of the Island's lifeline was not subject to Tynwald debate. The move, according to the Treasury Minister Alfred Cannan, will secure long-term stability for the service and the Isle of Man. Almost a year on, a further £25million will be spent on a new landing stage at Liverpool's Princes Half Tide Dock as part of the new look of 'People's Packet'. In the March sitting of Tynwald, the Sea Services Agreement made headway as members approved the Heads of Terms which will instruct the Department of Infrastructure to finalise the contract with the Steam Packet by the end of May. Dollin Mercer reflects on the buyout and the subsequent investments, as well as the recent developments in the Manx parliament with Douglas East MHK Chris Robertshaw and Infrastructure Minister Ray Harmer