Who can say with any certainty what the fallout will be from the UK’s decision to leave the EU.
For the Isle of Man, our proud history is littered with periods of upheaval and uncertainty and I have every reason to believe that we can come through this latest situation stronger and more resilient. What evidence is there to suggest that our successful and diversified economy cannot continue to prosper? Why shouldn’t the Isle of Man remain a world-class international financial centre?
Granted, as far as the EU is concerned, the island will inevitably need to renegotiate its current Protocol 3 relationship allowing free trade of manufactured goods and agricultural products. But the Island is not, and never has been, in the EU and we certainly aren’t reliant upon it for our economic success. Moreover, it will be at least two years before the terms of the UK’s Brexit are finalised and who knows what trade deals can be fashioned beyond the EU borders during that time.
Within the Island, fiscal stability and good governance remain paramount. But, through it all, the saying “Keep Calm and Carry On” seems the best approach.
David Johnson, Managing Director, Sterling Group