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IoM Releases Third Report On Brexit Implications

by Jason Gorringe, Lowtax.net, London
21 December, 2016

The Isle of Man Government has published a third interim report on the implications of Brexit for the island.

The report observes that as the Isle of Man was never a member of the European Union or included in the United Kingdom's membership of the EU, the disadvantages flowing from the UK's withdrawal from the EU are relatively low for the island.

The report does accept, however, that the Isle of Man is not entirely immune to the effects of Brexit because the island's close economic and political relationship with the UK means it will be impacted by any problems which arise in the UK.

The report says that there is still a great deal of uncertainty, but that the Isle of Man Government's work will progress on the four work strands previously identified. It says that there is a strong possibility that the Isle of Man will find itself – along with the UK – outside of the EU Customs Union. There is nothing to suggest, however, that the UK's withdrawal will impact on the agreement between the UK and the Isle of Man.

In the foreword to the report, the Isle of Man's Chief Minister, Howard Quayle, said that Brexit is an international event beyond the island's control, adding: "We must ensure that we respond appropriately."

He said: "We want to continue to be able to trade with the EU, to minimize the potential risks flowing from Brexit, and make the most of any opportunities which arise. But we must acknowledge that the shape of our new relationship with Europe will rest upon what the UK can secure for itself, and for now it is very difficult to determine what that relationship will be."

The Chief Minister concluded: "The UK is still formulating its negotiating position. We are in dialogue with UK Government politicians and officers to ensure that the impact of Brexit for the island, and the possible future scenarios, are understood. But whatever the new relationship between the UK and the EU, the Isle of Man's relationship with the UK will remain the same."

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