The Institute of Directors has welcomed the result of the UK general election.

The Conservatives under Boris Johnson won a large majority in the House of Commons with 365 seats.

Chairman of the Isle of Man branch Jennifer Houghton said: ’We welcome the clarity and future direction that the result of the UK general election has brought: not merely for businesses but for the nation as a whole.

’We will be watching with great interest not only how and when Brexit will be delivered but also the wider implications this new era will have on businesses in the island and the Manx economy.

’In this we are confident that the Isle of Man Government will continue to strengthen its relationship with Westminster and ensure that the voice of business - and of the people of the Isle of Man - is heard.’

Meanwhile the managing director of a private client, corporate services and fund administration group that launched in the Isle of Man this year has spoken about the result.

Tanya O’Carroll of Oak in the Isle of Man, said: ’The general election result should be welcomed in the Isle of Man as it provides the opportunity for the UK government to provide clarity on a number of issues.

’The most pressing one being Brexit which, although doesn’t directly impact the island, will undoubtedly have repercussions. We hope this immediate result will help to give some much-needed stability when it comes to the UK economy. Sterling is currently at its highest level since May 2018, the pound is at a three-and-a-half-year high against the euro and the FTSE 100 and FTSE 250 are both up.

’A Conservative majority avoids the potential wide-ranging amendments to the UK tax regime proposed by Labour, which would in all likelihood have had a detrimental effect on the island’s financial services sector.

’Many investment decisions have been on hold due to the uncertainty created by the UK’s referendum result in 2016 so we should expect to see growth in such activity following the result.

’However this lull may continue until Brexit is officially "done."

’For the Isle of Man, it should be business as usual for now, though as we’re under the VAT regime the impact to clients and businesses in this respect will also only become clear when we know what the terms of the Brexit deal are.

’With the Brexit transitional period supposedly running until the end of 2020 understanding the full implications for the Isle of Man are a little way off.’