Saturday, April 10, 2010

Oops; Manx Treasury blamed for extra £2.26m runway costs

Poor communication between Treasury officials has been blamed for adding £2.26m to the cost the Isle of Man airport runway extension scheme.
The £44m project's costs increased because the government failed to buy euros early enough to pay for it.  Exchange rate fluctuations meant the government had to pay more for the currency than it expected.
The Tynwald public accounts committee has recommended the Treasury reviews how such decisions are taken. BBC

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