Treasury seeks approval for £95m Manx Utilities loan write-off

The Treasury will ask permission to write off £95m of loans to the Manx Utilities Authority at this month's sitting of Tynwald.

Treasury Minister Alfred Cannan is seeking approval to write off the figure from the Consolidated Loans Fund.

A report into the board's finances says the write-off would allow Manx Utilities to move to an investment grade rating on a par with UK suppliers.

The Treasury hopes the move would also allow Manx Utilities to pass the £6.5m per year savings on to customers.

Mr Cannan is also asking Tynwald to freeze the water rate and sewerage rate for the 2018-19 financial year and bring forward plans for a new pricing strategy.