Tynwald approves Manx Utilities debt write-off

Wed, 18 Oct 2017

Tynwald has agreed to write off £95m worth of loans to Manx Utilities.

Treasury Minister Alfred Cannan received support for the move at this month's sitting, having told members the write-off would improve the board's long-term finances.

Without being in debt to the Government, Manx Utilities will be able to move to the same investment grade rating as UK suppliers.

Cancelling the the debt will cost the Manx Government around £6.5m annually, but Mr Cannan hopes the authority's savings will be passed on the their customers.