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:
Media
Subscribe to get Energy FM News direct to your mobile device
You can get Energy FM News delivered direct to your mobile device using one of the following methods.
- In the Apple News App on iOS search for Energy FM IOM and then just add it to your favourites
- In the Google News & Weather App just search for Energy FM and then add us as a customised section
- If you use an RSS Reader then just add our feed to your app, click here for our news RSS feed
Fri, 29 Dec 2023
Fri, 29 Dec 2023
Fri, 29 Dec 2023
Fri, 29 Dec 2023
Fri, 29 Dec 2023
Thu, 28 Dec 2023
Thu, 28 Dec 2023
Thu, 28 Dec 2023
Wed, 27 Dec 2023
