A UNION boss has blasted Tynwald’s decision to back a £49 million deal to invest in the Pinewood studios.
Andrew Shipley, president of the Isle of Man Trades Union Council, criticised the government for ‘speculating’ in an investment which he said had no direct benefit to Manx families – at a time when workers were facing the threat of redundancy.
Mr Shipley said: ‘What message does it send to those who will potentially be made redundant or find themselves working for another employer or under worse terms and conditions.
‘Basically it says “We don’t value you or your direct contribution but we are more than prepared to speculate taxpayers’ money on a venture which may or may not give returns”.
‘Since money has been found for this venture then I hope that a similar amount can be found to invest in existing Manx businesses or those just starting up to provide good quality employment on the island rather than speculating on an “investment” which has no apparent direct benefit for Manx workers and their families generally.’
Tynwald voted to approve the proposals to buy a 19.99 per cent stake in Pinewood following a five-hour debate last week. The proposal will also see Pinewood Shepperton appointed as investment manager for the Media Development Fund.