Plans to ring-fence money are premature

Making plans to ring-fence money derived from the Isle of Man’s territorial sea beds would be ‘premature’.

That’s according to the Chief Minister who says it’s not yet known if any revenue will be generated from the exploitation of the area.

Castletown MHK Richard Ronan says government should be thinking ahead and taking the lead from places like Norway whose economy has benefitted from the activity.

He says if the money was ring-fenced it could be targeted for the likes of the state pension and essential services: