The Island's Chamber of Commerce says cancelling next year's TT will be 'keenly felt' by the accommodation sector, but recognises an early decision was needed.
The chair of Chamber's Visitor Economy Committee (VEC), Brett Martin, has spoken after it was announced on Monday the motoring festival won't be taking place in 2021 due to the ongoing Covid-19 pandemic.
Mr Martin says for every £1 spent on accommodation by TT visitors, £3 is spent in the wider Manx economy, and so the effect 'goes well beyond the hotels, self-catering properties and campsites.'
However, he adds they believe there's every prospect of a stronger UK staycation market in late 2021 and beyond and the Isle of Man will remain an attractive destination for those wishing to stay relatively close to home.
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