The cancelled TT and Festival of Motorcycling this year has cost the Manx economy £49 million.

Enterprise Minister Laurence Skelly provided the figure whilst confirming plans for next year's event are already underway.

A number of virtual events have been taking place during what would've been TT fortnight - today (12 June) would've been Senior Race Day.

Mr Skelly says the impact on the Island cannot be underestimated: