The cancellation of TT and Covid restrictions have been blamed for the deficit.

As Manx Radio reports, the government-owned ferry operator lost more than £10.5 million last year.

The Isle of Man Steam Packet Company's accounts have been published ahead of this month's Tynwald sitting.

The figures show the firm lost £10,561,803 in 2020, compared to a profit of just under £10 million the year before.

The report says the cancellation of the TT, as well as ongoing Covid restrictions have had a 'very significant effect' on its income.

Further reading here including a podcast. 

A special tax credit by the Government is to introduced for sea-going naval personnel from next year.

Serving members of the Naval Service, who spend at least 80 days at sea, will be eligible for the credit worth €1,270 per annum.

It will be introduced into the Dáil by way of an amendment to the Finance Bill tomorrow.

The challenges facing the Defence Forces over pay, conditions, recruitment and retention have been getting increased attention over the past year.

Minister for Defence Paul Kehoe said the introduction of a special tax credit for sea-going naval personnel is a step towards addressing those challenges. 

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