The Council of Ministers published a report in April, setting out the potential implications for the Isle of Man of the UK referendum on EU membership, which identified some areas for further work to be undertaken prior to the referendum.

The second report, issued today (Thursday 16 June 2016), provides an overview of the results of a survey undertaken by the Chamber of Commerce on its members’ views on the referendum. The report sets out how a new relationship between the UK and the EU might function, as well as explaining how other small European jurisdictions manage their relationships with the EU.

Chief Minister Allan Bell CBE MHK said: ‘We cannot at this stage say with any certainty what will happen if the UK leaves the EU. Any future relationship the Isle of Man may wish to secure with the EU will depend in large part on what the UK is able to negotiate. That’s why part of our planning has been to look at the alternatives to membership which may be available to the UK.’

He added: ‘In the immediate aftermath of the referendum there may be a great deal of uncertainty and instability, and so in order to be clear about how it might impact the Island we issued our first report assessing the possible implications across a broad range of areas. The second report looks a little further ahead and envisages how, following a vote to leave, the UK might position itself. This will in turn affect how we can position the Isle of Man to make the most of the new situation.’