The Liverpool Ferry Terminal is set to cost the taxpayer a further £10m, bringing the bill to up to £80m.

Next week, Treasury Minister Dr Alex Allinson will seek Tynwald approval to release the extra cash from the reserves.

His motion on the supplementary order paper released late Thursday afternoon would also allow the money to be spent ‘as required in respect of the Isle of Man Ferry Terminal, Liverpool capital project’.

The much-maligned project, which has seen costs spiral, is now scheduled to be completed by the autumn but won’t start passenger services until March 2024 at the earliest.

When work began in 2019, it had a completion date of August 2021 and a budget of £25 million.

Treasury Minister Dr Alex Allinson said: ‘While the project is in its final phase, it remains ongoing and the final out-turn cost will not be known for some time.

‘Topping up the capital contingency fund is designed to provide the strategic board with the financial support necessary to see it to completion.’

Infrastructure Minister Chris Thomas will deliver a statement on air and sea services during this month’s sitting, and an update on the Isle of Man Ferry Terminal project.

He said: ‘The project team has worked closely with Treasury throughout this challenging scheme and is looking forward to the Isle of Man Ferry Terminal welcoming its first passengers next year.

‘I welcome the Tynwald Public Accounts Committee’s continuing investigation into this project from beginning to end.’