Government backtracks over Pinewood deal

The Isle of Man is to halve its investment in Pinewood Studios, taking the stake to just less than 10 per cent and overall cost to £12.2million.

Treasury has confirmed the radical change in the deal which originally stood at £24m for 20 per cent.

Minister Eddie Teare has denied a change in heart towards Pinewood Shepperton and says the new agreement will still bring the same benefits.

He adds that the revised deal was not influenced by criticism from some Tynwald members following the original announcement:

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And you can see a detailed report in to the new deal on Friday’s episode of TVIM.