TT costs government over £1m to stage

Tue, 10 Jul 2012

The Economic Development Minister has been asked to explain why one of his officers said that government loses over £1m putting on the TT races.

John Shimmin was asked in Tynwald today what are the economic benefits of the TT races.

Mr Shimmin estimated that the total visitor spend on the Island for the 2012 event was over £23m.

Ramsey MHK Leonard Singer then asked Mr Shimmin to clarify the contents of an email written by the government's Head of Motorsport who said that "taking everything into account, including the tax take from visitor expenditure, government loses over a million pounds putting the races on."

However, John Shimmin says it's an investment which brings in a lot of money.[play media file below]