Statistics from the Isle of Man Treasury suggest economic activity around Christmas was at a very similar level to last year.

The maximum value of Manx banknotes in circulation in the past month was ?46.5 million, just below the corresponding figure for 2005.

There has been no official explanation for the downturn, but an increase in Internet shopping and greater use of debit and credit cards are both likely.

Reduced spending power, due to higher fuel charges and other inflationary factors, could also have contributed.

There was an increase of about a million pounds in the net value of notes in circulation between Christmas 2004 and 2005, and a rise of about four million over the previous 12 months.

(Picture: A library picture of English currency, also used in the Isle of Man!).