Report explores how Liverpool ferry terminal came in £50m over budget

A report has been published into the troubled Liverpool ferry terminal project which saw it's initial costings increase by over £50 million.

The report has come following an investigation carried out by Tynwald's Public Accounts Committee.

In 2015 it was put forward that the cost of the scheme would be in the region of £18 million, six years later it was announced the final price had landed at £70.7 million.

The report suggests that had the true extent of the costings been made apparent from the offset it would've been much tougher to get funding approved.

The report did however state that Covid-19 added around £4 million to the final price.

The new terminal came about out of necessity after the Steam Packet were forced to find a new base of operations in Liverpool to ensure the popular ferry link could continue.