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Nearly £50m of government money given to provide new ferries for the Isles of Scilly is expected to be returned. This follows the existing provider, Isles of Scilly Steamship Group (ISSG), signing contracts to privately fund the project. The government had allocated £48.4m to the Council of the Isles of Scilly to pay for new vessels. The CEO of ISSG Stuart Reid said "we now understand that that money will return to the Treasury".