The EconomyThe Isle of Man, situated in the centre of the British Isles, is an internally self-governing dependent territory of the Crown that is not part of the United Kingdom. Tynwald, the Island's 1000 year old Parliament, makes its own laws and oversees all internal administration, fiscal and social policies. The UK Government administers external issues, such as foreign representation and defence, on the Island's behalf, for which services the Island makes an annual payment. However, as a British Crown dependency, the ultimate responsibility for the Island's good government is vested in the Crown by long standing convention; the UK Government does not legislate for the Island without the specific consent of its Government.
