Nick Bye: Fresh confidence for Torbay in 2026

It’s the time of year when we can take a preview of what lies in store. For Torbay and perhaps nationally, my feeling is 2026 will be a good year.

The economy goes in cycles and it’s now time to shake off the gloom ‘n doom. The latest interest rate cut should be a boost to confidence. Equally important, the painful path towards balancing the government’s books is already leading to further falls in long term borrowing costs, which is good news for anyone taking out a mortgage, investing in their business and even more so for the government itself, which will pay less to service historic debt.

The build up to the Labour government’s two budgets have been an object lesson in how not to do it.

The Chancellor has flown more kites than even Mary Poppins might have dreamt of, each one taking a hit on consumer confidence and causing businesses to postpone decisions. Last year’s budget included the disastrous increase in employer’s national insurance contributions which has now led, surprise, surprise, to an increase in unemployment.

This year’s budget was made up of a range of generally modest tax increases although over time the continuing freeze on income tax thresholds will take its toll.

The one joker in the pack appears to be a new formula for business rates, with some hospitality businesses, pubs in particular, enduring a large increase at a time when they are struggling for survival. With hotels (and I am only reporting what I hear) some of the bigger ones are benefitting from a reduction but the smaller bed and breakfast-style places are facing steep increases. Try making sense of that.

Hopefully one day a government will be brave enough to sort out the whole business rates mess, which contains numerous anomalies and is one of the biggest barriers to business growth.

But that aside, the overall picture is fairly stable in terms of prospects for growth and there has been a welcome reduction in inflation. Official figures show wages rising faster than prices, the stock market appears robust and forecasts for growth next year predict the UK economy will do rather better than some others. Fingers crossed, you might add.

At a local level there’s a feeling of optimism in terms of the regeneration of the Bay. I am writing these few words after a presentation by our development partners Willmott Dixon and Milligan.

It was absolutely the right decision of the previous town hall administration to seek a development partner to work with Torbay Council on key sites. It was of course exactly what I lined up as elected mayor when we signed with MacAlpine to deliver the mayoral vision and a great shame we then wasted ten years or so before returning to basically the same idea. In several cases we are dealing with exactly the same sites, only costs are now higher and decline has gone further.

Our development partners bring their experience and know-how to Torbay, providing additional capacity and contacts. We will see the results of this in 2026 and subsequent years so long as we support this vision. 

As a place we seem to specialise in not just throwing the baby out with the bath water but chucking the tin bath and everything else down the steps as well.

Crossways was the future once (my late mother must have been the Crossways Card Shop’s best customer) but now I am absolutely delighted planning consent has been granted for extra care housing there, right in the heart of town, and with a bit of luck work on site should start next year. A similar scheme is now well under way at St Kilda’s, Brixham.

The game changer for Torquay will be the new top notch hotel, eating houses and more at the Strand on the old Debenhams site. We are told there’s serious interest in this project and more detailed plans should emerge over the next 12 months. The concept is excellent and should link with the restoration of the Pavilion and our much improved harbourside.

Many local businesses support these projects believing they will drive footfall and put the town on the map.

Heritage is not forgotten as we look at the next phase of improvements at Torre Abbey, including making more use of the Spanish Barn. I am looking forward to having a sneaky look inside Oldway in January. It was somewhere I enjoyed visiting in childhood so hopefully it will be restored to its former glory before I reach my dotage.

I was absolutely thrilled to visit New Parkfield just a week or so ago and see it’s now a wonderful home for Mayfield College, a very special school in every meaning of that word. But what is doubly special is it’s now up and running as a venue for a whole range of youth and community activities outside of school hours. It’s a great combination of uses for a building which until now hasn’t realised its potential.

Another highlight was a visit to the YMCA project at Cliff Road, Paignton to see the first lot of supported accommodation for youngsters. These units should be occupied early in the new year, with further properties coming on stream over the next 12 months.

A couple of youngsters I met at our refurbished children’s services meeting spaces the other day told me they had seen some of our new electric buses on trial journeys, so something else to look forward to in the new year. Between ourselves, I shall be riding for free from July onwards so great timing indeed.

Finally, for those who want something to enjoy over the festive season, then make your way to the Palace Theatre, Paignton for our special 90th anniversary (of Paignton Pantomime Productions) presentation: Robinson Crusoe & the Pirates.

Yours truly will be there with madam mayor and consort Chris on Tuesday, December 30. There are plenty of good seats available for evening performances in particular after Christmas. Oh yes there are!

Very best wishes for a merry Christmas and a happy, healthy and prosperous new year.