Are you an Isle of Man resident or business? Are you concerned about what kind of impact the Brexit result might have on you and/or your business? The Isle of Man Government has put together a No Deal Brexit Guide containing helpful information on what changes you might expect and what you might need to do differently in the event of ‘No-Deal.
“For people and businesses in the Isle of Man the effects of these changes may be significant, or they may be minimal, but it is our intention that any disruption to people’s daily lives should be managed carefully, in order to reduce its impact. Isle of Man Government has, therefore, been preparing for the UK’s withdrawal from the EU for some time.” – Isle of Man Chief Minister, Hon. Howard Quayle, MHK.
The guide indicates that the impact of withdrawal will directly be felt primarily by:
- Those who make and sell goods or agricultural products (including fish and shellfish) to EU countries
- Those people living in the Isle of Man who originate in EU countries – other than in the UK and Ireland – who will need to apply for settled status
- Those who employ workers, who may find that there is a reduction in the pool of talent upon which they are able to draw
- Those people who live in the Isle of Man but may wish to travel to EU countries, either for holidays, or potentially to live, work or study there.
It also suggests that there may be some indirect effects, which could include:
- Fluctuations or reduction in the value of sterling, which could affect the price of consumer goods and food
- Increased tariffs and altered trade patterns which could affect the price of consumer goods and food
- A risk of a downturn in economic growth in the UK impacting growth, housing or employment markets in the UK, which may impact on the Isle of Man
This guide is intended to act, in many instances, as a signpost, highlighting the availability of more detailed information, and providing links to websites, and relevant contact information.
There are sections which deal with issues which will be of interest to the public, and to businesses, and these are summarised in the contents.
If you would like more information, you can access the guide here.
