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IoM Discusses Brexit In Brussels

by Jason Gorringe, Lowtax.net, London
14 October, 2016

The Isle of Man's Chief Minister, Howard Quayle, has returned from Brussels after discussions on the UK's exit from the European Union.

The discussions focused on the implications of Brexit and in particular its impact on the British financial services industry.

Quayle said: "The UK's withdrawal from the EU will be one of the most significant political and economic events in the current era, and I wanted to learn first-hand what the current thinking is on this important issue."

"I met with a number of representatives from the City of London, the UK Government, industry, and the European Parliament, as well as Brussels think tanks, to hear their views and to tell them about our consideration of the implications for the Isle of Man."

"I also discussed the implications for Gibraltar with their representative to gain an understanding of their position, which is very different from ours, and I met with the representatives of the Faroe Islands to learn more about their relationship with the EU."

Quayle added: "Building and maintaining networks of partners in the UK and Brussels is vital for the island to ensure that we understand international events and their potential impact on us. During the course of what is likely to be a lengthy and complex process of UK withdrawal from the EU, this engagement will be more important than ever before."

Since the UK referendum, a group of Isle of Man Government officers has been looking at various elements of the withdrawal process, as well as the longer term implications, building on work that began six months before the vote took place.

The work includes looking at: the legislative and constitutional impact of the withdrawal itself; the potential new relationship between the EU and the UK, and, by extension, the Isle of Man; risks and opportunities; and the potential for participation in new trading relations with other countries around the world.

The Chief Minister has asked the officer group examining the UK withdrawal process to update the island's Council of Ministers and to produce a further report for lawmakers and the public this autumn.

Quayle concluded: "Whilst the UK position is still far from clear, it is absolutely vital that we continue to engage with the discussion, so we can in turn develop our own position."

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