I'm not an economist, but it strikes me there are some simple steps that we should consider that could 'sweat the assets' we have rather than look for the next silver bullet.
For all that we criticise government, they have enjoyed some major successes in rescuing the economy since the tourism trade all but died in the 1970's. The Finance Sector, and more recently e-Gaming have been vital - and people are no doubt working on other innovative ideas for the future. But there's some low-hanging fruit that is being wasted at present.
Tourism
“ Look at old pictures of Douglas Promenade and you'll see thousands of people on the walkway with thousands more in deckchairs on the beach. Damn Frank Whittle and his jet engine...”
Those were the days my friend...
Some people long for a return to those heady days of numerous Steam Packet boats each day disgorging hundreds of happy holidaymakers. Spoiler alert: it's not going to happen.
Decline and fall: When jet aircraft brought affordable package tours to sunnier climes within the reach of working people, mass tourism to the Isle of Man was doomed. So the redundant guest houses were turned into flats, leisure attractions closed down and far fewer operators make a living from running hotels. In busy times we now don't have enough accommodation, and I expect there's a limited profit in people opting for camping or self-catering holidays.
Motorbiking: The TT and MGP once book-ended the holiday season, now they are the main components of it. People tell me the events make money, others suggest that's simply not true. The cynic in me reckons that road racing would have been discontinued long ago if there wasn't sufficient return on investment.
Attractions: People who enjoy walking, heritage railways or cycling love the Isle of Man. Our calm quiet and natural beauty attract a certain demographic. Other niche pursuits fill bed spaces too - golf and motoring holidays for example. But there's little for a modern generation of families - children brought up to enjoy the instant gratification of console games and mobile phone apps aren't likely to be satisfied with an ice cream on the beach every day for a week.
“ Let's consider the 'do-able' first. What can we do better?”
Sweat the assets #1: Fly boys! We have a wonderful airport that is fully staffed all day yet only accommodates a handful of commercial flights. Rather than spend long millions on more marina schemes to entice wealthy visitors, why not promote Ronaldsway as a General Aviation-friendly destination for private pilots. Hobby pilots will happily visit somewhere they're made to feel especially welcome. We already have air traffic controllers in the tower and a crew at the fire station, and a Cessna or Piper isn't going to wear out the runways, we even have a cafe bar at Derbyhaven and hotels a short ride away - so how about free landing fees at the weekend? In America (which is massively more GA friendly than our part of the world) there's something called the $100 burger, where it costs you $90 for the aeroplane to go somewhere different for a $10 lunch. It would cost nothing except a bit of effort to make it work here.
Sweat the assets #2: There's a boat in the morning... We (the people) now own the Steam Packet Company. I suspect Government was keen to buy it because it's a successful, profitable business and was seen as a cash cow for Treasury. I've not been on a boat for a few years, but every trip I've ever been on has spare capacity, and the off-peak sailings are often devoid of more than a handful of passengers. But they still burn the same amount of fuel and require the same level of staffing - so why not fill them up with visitors? How about a package deal where in return for a certain number of nights pre-booked accommodation you get a free (or heavily discounted) return. We could run different offers to see which work best - how about free fares for foot passengers who would then hire local cars or use public transport or taxis (also good for the economy)? Empty seats on the boats are a wasted opportunity.
Sweat the assets #3: Defying gravity! I've long thought that we should turn Snaefell into a 'Gravity Pursuits Centre'. There are already cafes at the top and bottom of 'The Mountain' and a railway track running to the summit from The Bungalow. Let's install a dry ski slope, a downhill mountain bike trail, one of those alpine monorails (TT-themed of course), and some zip lines. The diesel shunter (if it works now!) could take people and bikes to the top and they'd pay to come down! I'm sure a private business would jump at the chance to fund it - but I think it's a moneymaker and would be better funded by government. Ticket charges would cover development and operating costs, and it would be a major draw to the family market we've lost, plus our own residents. As a standalone attraction it makes financial sense (to me at least) but the secondary benefit is that it would boost our overall tourist economy. And don't tell me Snaefell is an area of particular natural beauty, special scientific interest or home to an endangered mosquito. It's a big hill with lots of concrete buildings, radio masts and a railway track already on it, so it's hardly undeveloped!
Sweat the assets #4: Water, water everywhere... Ever been to Devon or Cornwall? Enjoyed time at their beaches and seaside towns? Barclays released research that Devon and Cornwall were set for a £3 Billion (!) windfall from 'staycations' in 2021. Guess what, we are surrounded by the sort of geography that they have on only 2 sides of their counties! Build in the opportunity to offer affordable ferry travel (it's an investment, not a giveaway!) and we can rebuild on this massive potential! Yes, our seaside towns will need investment, but that would also be good for making the Isle of Man an even more attractive place to live and work - and for our young to decide to stay here! Joined up thinking, rather than standalone vanity schemes!
As I said at the outset, I'm no economist, but I have been in business for many years and one of the first things you look at is to get the low hanging fruit - the easy wins. Yes, we have to keep working on the industry sectors that are critical to our economy, and look for the next big things and see how we can benefit from them, but we should also be thinking about making the most of our envied beauty and natural resources - we're the only island nation Unesco Biosphere after all.
If you got this far – thanks for reading. Please do have a look at other pages and articles on my website or 'Stu Peters for Middle' on Facebook and if what I am saying resonates with you, please use the email sign-up function or feel free to email me with any questions or concerns: stupeters@manx.net
Best wishes
Stu