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Public to buy shares in nationalised Steam Packet?

Wed, 10 Apr 2019

A political party says the Manx public could buy shares in the Steam Packet to benefit from government’s nationalisation of the company.

The idea has been floated by LibVan as a way of letting the Manx people have a direct stake in the investment, which cost the taxpayer £124 million.

Government bought the company last year from Banco Espirito Santo, and last month Tynwald approved new ‘Heads of Terms’ for the Sea Services Agreement.

The document is a letter of intent which sets out how future sea services will be delivered, though it’s not legally binding.

Ownership of the Victora Pier link-span, £70 million investment in new vessels, special discounts and minimum sailing requirements have all been included in the deal.

The Department of Infrastructure is now in the process of finalising a 25-year agreement with the Steam Packet, which wont come into force until 2020.

LibVan party member and MHK Lawrie Hooper says it’s important money makes its way back into the public’s pockets without government interference.

His party held a public question and answer session this week to explain the ‘Heads of Terms’, and to put forward its proposal for direct public investment.

Mr Hooper spoke to Local Democracy Reporter Ewan Gawne, who was at the event:

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Media

• Steam Packet Shares IV