Unease among some politicians over new Treasury borrowing powers

Fri, 24 Apr 2020

A number of MHKs have expressed unease at the extended borrowing powers granted to Treasury this week.

Both branches of Tynwald approved changes to increase the amount Alfred Cannan’s department can borrow, from £5 million to £50 million, and without parliamentary say so.

It’s to remove restrictions which could stop Treasury ‘making arrangements to meet the immediate financial cost of the pandemic response’.

The changes have been made to Isle of Man Loans Act 1974, which is primary law, and not part of the recent raft of emergency legislation brought in to address the ongoing public health crisis.

It’s understood Treasury Minister Alfred Cannan will be issuing a further statement on expanded borrowing powers during a press conference on Tuesday.

Local Democracy Reporter Ewan Gawne has more: