BUDGET 2025: £300 million for capital projects over five years

£87.4 million to support construction sector over next 12 months

Three hundred million pounds is being set aside for capital projects over the next five years.

Treasury has allocated the funding as part of this year’s Budget which was unveiled in Tynwald today (18 February).

A capital project is either the commitment to creating new facilities or improving those that already exist.

Over the next 12 months £87.4 million of capital expenditure will be used to support the Manx construction sector and provide improvements to critical national infrastructure.

This includes:

• £32.1 million on infrastructure
• £21.6 million on the public estate
• £11.9 million for contingency
• £11.1 million for information technology
• £10.7 million for replacement assets

More than £1 million will be invested in improving sports facilities around the Island, including lighting improvements at the NSC, and £6.1 million will be committed to maintaining the Island’s roads.

£800,000 has been allocated for a full roof replacement at St Ninian’s High School which will include solar panels to increase energy efficiency.

Other projects getting funding include a further £1.37 million for Manx Utilities to continue formulating a fully costed business case for an onshore wind farm and £67,000 to Peel Marina and River Neb Catchment.

Treasury says the focus of the capital programme for 2025-2026 will continue to be the delivery of projects that have already started and the maintenance of existing assets.

The number of new projects included may ‘initially appear small’ however it is expected that further schemes will be brought to Tynwald for approval during the year as part of the capital approval process.

Departments have been actively making bids to the Project Development Fund in order to perform design and feasibility work and produce fully scoped and costed business cases; they are able to seek Tynwald approval for capital schemes on a quarterly basis.

You can find out more about Budget 2025 by clicking HERE.