The new Isle of Man ferry terminal is symbolic of a new “long term relationship” with Liverpool but its costs have gone “way beyond” what was originally expected, according to the island’s Chief Minister Alfred Cannan MKH.
The project stands as the Isle of Man’s first ever development project away from its own shores and is set for completion in June 2023. Its overall costs are set to be in the region of £70m, but was originally expected to cost around £38m.
While the project has risen in price and taken longer than expected to complete due to the pandemic and impact on construction industry, going beyond its original estimate of summer 2021 after work started in November 2019, the development is a key part of the Island’s future economic strategy. Speaking to the ECHO, Mr Cannan outlined that Liverpool and the wider north west will play a key role in the island’s future.
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Announcing a 10 year economic plan titled ‘Our Island, Our Future’, the Isle Of Man is targeting £1bn pounds of expenditure up to 2032 and hoping to diversify its economy through investments in financial services, manufacturing and construction, as well as energy production and public sector services. According to Mr Cannan, the “historic” connection to Liverpool will be key to achieving this vision, both in the new terminal and further partnerships across the region.
Mr Cannan told the ECHO: "We were not maximising our links to the north west. I think that's changed with the development of the ferry terminal. This is the first time the Government has invested in such a way on UK shores.”
But there is also an emotive driver behind the investment and economic vision. Mr Cannan added: “You only need to go out into the community [on the Isle of Man] to identify those links between the island and Liverpool].
“Liverpool has become a second home to a lot of people because it is the main access point for ferry travel and the regional airport.”
The terminal itself, while costly, is seen as a necessary investment from the Island's point of view, and one that will be mutually beneficial to the Liverpool City Region. According to Mr Cannan, the development is symbolic of the two places’ connection, but also a need to be outward looking.
He added: "I recognise that this project financially has gone way beyond where we ever envisaged it. Nevertheless we believe that it is going to be worth it. We're in this now for the long term.
"I hope that we're going to cement and put down the foundations of this long term beneficial relationship. I think the important thing is we get this completed, get it open and celebrate that success.”
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