The Isle of Man Government is keeping a close watch on the debate about the United Kingdom’s future relationship with the European Union, Chief Minister Allan Bell MHK has confirmed.

Mr Bell says work is already well underway to assess the potential implications for the Island if the UK referendum results in a vote to leave the EU.

The Isle of Man sits outside the European Union but its ‘Protocol 3’ agreement, negotiated via the UK, allows free trade in agricultural and manufactured products between the Island and EU members.

‘As the Isle of Man is not part of the United Kingdom nor of the European Union we cannot expect to be included in a referendum in the UK about its membership of the EU’, said the Chief Minister.

‘But we are remaining vigilant in terms of the progress of this debate and any potential impact on the Isle of Man. The UK’s relationship with the EU is one of the major issues that we are monitoring through our programme of proactive political engagement, utilising our network of contacts in London, Brussels and the devolved administrations.’

Mr Bell said Government was looking at the possible effects of a UK exit from the EU on the different sectors of the Island’s economy, public services and legal and constitutional matters.

He continued: ‘Our initial assessment will be completed before spring of next year, and the Council of Ministers has agreed that the report should be made public. A more detailed impact assessment can only be undertaken once we know what the UK’s new relationship with EU might be, should the referendum result in a vote to leave.’

The Chief Minister added: ‘Whether or not the referendum is in favour of leaving the EU, this will not affect the underlying constitutional relationship between the Isle of Man and the United Kingdom.’