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British Road Race Cycling Championships


notwell
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However, on those figures, should a team bring, say, 10 people to the event...that's £10k. For one event only. Sounds like a lot. How does that compare with other events?

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Plenty of cycling families over here - it's a big community - who could offer some Homestay type accommodation.

 

And this is a big event in cycling. If the Isle of Man can do it well - and past experience shows that we do organise sporting events well - people will want to come back here again and again.

 

Cyclists, professional or amateur seek out hills. And we have plenty.

 

Well worth the Government subsiding this event a bit more, even making a loss - and thereby investing in getting future events and visitors.

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Plenty of cycling families over here - it's a big community - who could offer some Homestay type accommodation.

 

And this is a big event in cycling. If the Isle of Man can do it well - and past experience shows that we do organise sporting events well - people will want to come back here again and again.

 

Cyclists, professional or amateur seek out hills. And we have plenty.

 

Well worth the Government subsiding this event a bit more, even making a loss - and thereby investing in getting future events and visitors.

Yes, Home Stay and the Snooze Boxes are options that might be triggered in the coming days or weeks

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The hotel pricing is a red herring. They are not suddenly going to increase pricing. It's hardly prime busy in the last weekend of June. Plenty of places to stay and actually plenty of room to secure a decent deal if you have a number of people in your party.

Sorry Notwell, but we did actually notice some Hotels, B & B's, Cottages, Flights and Boats change prices once the announcement was made on 9th January

Good. That means the government has come up with a good event that people will want to attend. If they've got the price wrong people won't buy. Let market forces dictate prices.

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However, on those figures, should a team bring, say, 10 people to the event...that's £10k. For one event only. Sounds like a lot. How does that compare with other events? Given the quote about being able to do Belgium twice for the same cost. Presumably comparing the Chunnel to the Steam Packet?

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Edited by Non-Believer
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The hotel pricing is a red herring. They are not suddenly going to increase pricing. It's hardly prime busy in the last weekend of June. Plenty of places to stay and actually plenty of room to secure a decent deal if you have a number of people in your party.

Sorry Notwell, but we did actually notice some Hotels, B & B's, Cottages, Flights and Boats change prices once the announcement was made on 9th January
Good. That means the government has come up with a good event that people will want to attend. If they've got the price wrong people won't buy. Let market forces dictate prices.

If they've got the price wrong, people won't come. But the organised and subsidised event will still go ahead. Which means a massive loss?

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As an island we receive around £5 million in VAT receipts and the events boast the Manx Economy by around £29 million each year

 

Freudian slip of the week, eh?

 

Unfortunately the figures don't add up.

 

£5 million VAT receipts implies a spend of £30 million on goods ie the price of which includes VAT at 20%. If you believe the figure of 42,000 TT visitors given in the DED press release which Twitch linked to above[1], that is about £715 per person and, indeed that roughly matches up with the press release where it says that " On average visitors [...] spent £738 on the trip".

 

Unfortunately the biggest components in any TT stay are going to be travel - which includes no VAT - and accommodation - which only includes VAT at 5% not 20%[2]. So no or very little VAT will be paid on the majority of that £738 or whatever. That £5 million VAT based on visitor spend must be wildly exaggerated, maybe £1 million is more plausible, maybe even generous.

 

I'm not trying to derail the thread to discuss the TT here, but point out that if that is the standard of economic analysis that we can expect to get from the DED (and I'm sure Rob hasn't made the figure up himself), then we ought to treat any figures coming out of there with a lot of caution.

 

 

[1] Written in September it includes the immortal words from Skelly "The Department remains convinced that Vision Nine can help us deliver further growth". How swiftly things change.

 

[2] What is more many accommodation providers (and all homestay) will be unregistered for VAT as below the threshold, and so pay nothing.

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Plenty of cycling families over here - it's a big community - who could offer some Homestay type accommodation.

 

And this is a big event in cycling. If the Isle of Man can do it well - and past experience shows that we do organise sporting events well - people will want to come back here again and again.

 

Cyclists, professional or amateur seek out hills. And we have plenty.

 

Well worth the Government subsiding this event a bit more, even making a loss - and thereby investing in getting future events and visitors.

Yes, Home Stay and the Snooze Boxes are options that might be triggered in the coming days or weeks

Excellent.....

 

All at snooze box HQ now hurriedly changing their rates for this period too.

 

Not all business needs to be conducted on public forums and social media..... #justsaying

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As an island we receive around £5 million in VAT receipts and the events boast the Manx Economy by around £29 million each year

 

Freudian slip of the week, eh?

 

Unfortunately the figures don't add up.

 

£5 million VAT receipts implies a spend of £30 million on goods ie the price of which includes VAT at 20%. If you believe the figure of 42,000 TT visitors given in the DED press release which Twitch linked to above[1], that is about £715 per person and, indeed that roughly matches up with the press release where it says that " On average visitors [...] spent £738 on the trip".

 

Unfortunately the biggest components in any TT stay are going to be travel - which includes no VAT - and accommodation - which only includes VAT at 5% not 20%[2]. So no or very little VAT will be paid on the majority of that £738 or whatever. That £5 million VAT based on visitor spend must be wildly exaggerated, maybe £1 million is more plausible, maybe even generous.

 

I'm not trying to derail the thread to discuss the TT here, but point out that if that is the standard of economic analysis that we can expect to get from the DED (and I'm sure Rob hasn't made the figure up himself), then we ought to treat any figures coming out of there with a lot of caution.

 

 

[1] Written in September it includes the immortal words from Skelly "The Department remains convinced that Vision Nine can help us deliver further growth". How swiftly things change.

 

[2] What is more many accommodation providers (and all homestay) will be unregistered for VAT as below the threshold, and so pay nothing.

Thanks Roger - I will check the briefing papers again tomorrow

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If I was coming over for this, the first place I would be looking for accommodation would be Airbnb. That's the first choice these days for most people I know - including people who actually go to cycling events. Hotels can seem like a lot of fuss by comparison. I haven't looked but I expect the best stuff is already taken.

 

I totally understand people putting up prices when there is more demand. They would be crazy not to. It's up to govt to grab some of that back in taxes if they feel that the investment in events needs to be funded.

 

The TT comparison is interesting. I would bet that a lot of the money taken during TT week is effectively cash in hand and never accounted for or taxed. And ends up off island.

Edited by pongo
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