A report into the Liverpool ferry terminal debacle has concluded that decisions were rushed and the original estimates were over optimistic.

The report, published today, follows a review by the Public Accounts Committee of Tynwald.

That investigation found that a scheme priced at £50m or more would've been hard for the DoI to get Tynwald approval.

In April 2015, it was estimated that a new ferry terminal in Liverpool could be built for £18m but by December 2021, this cost had spiraled, landing the taxpayer with a bill of £70.7m.

In its report, the PAC, chaired by Juan Watterson SHK, said that they believed those initial estimates were 'optimistic' but did note that two tenders for the scheme were in the region of £25m.

Recognising that the spiraling costs of the scheme has been the greatest source of discontent, the PAC said: 'A scheme priced at £50-£70 million at the outset would have been a far harder political ask for the Department of Infrastructure, even in light of the strategic link and public popularity of the Liverpool link.'

It added: 'Whilst some of the cost increases were unavoidable, most notably Covid-19 which added around £4m.

'The process for setting a sufficient, and realistic, contingency budget is one of the areas we recommend is in need of review.'

The committee has also concluded that 'it is hard to provide a value for money assessment for this project' and that 'it is almost impossible to know, even with the benefit of hindsight, whether the right amount of money has been spent'.

Chair of the Committee, Juan Watterson SHK said: 'The Isle of Man Ferry Terminal in Liverpool was a project with a rushed delivery timescale, which was inadequately planned and proved to be hopelessly ambitious in its initial budgeting.

'Our comprehensive report provides an account of the project’s early stages and sets out how a capital project estimated at £18m, will escalate to around four times its initial cost.

'Whilst many of the factors in this project were unique: Covid-19, location, and complexity, there are definitely things that can be improved, as reflected in our recommendations.

'This story is not yet over, but the Committee has fulfilled its obligation to Tynwald and the Manx taxpayer in examining what happened and in identifying what we expect to see to improve value for money in future projects.

The report and the recommendations will be considered in Tynwald in February 2024.