There is the prospect of some ‘exciting opportunities’ for the island from Brexit, claims a high-ranking government official.

Della Fletcher added it was also an ‘exciting time’ but that it was ‘absolutely crucial’ there continued to be a good relationship between industry, the business community and government.

She added the island was good at looking at changing its proposition once it gets off the starting blocks.

She said: ‘My message is this: Don’t think the starting guns have not already gone off, they have. There is a huge amount of work going on.’

Mrs Fletcher is executive director, crown and external relations, at the island’s government.

She was part of a breakfast time panel discussing Brexit before a large business audience at ISLEXPO. The discussion centred on what impact the prospect of the exit of Britain from the EU may have on the island’s business life.

Laurence Skelly the Department of Enterprise minister introduced the panel by talking about the UK’s withdrawal from the EU ‘and the significant impact this may have on our island and on our economy.’

‘However with every challenge comes opportunity and the Isle of Man has a long history of innovation and a keen ability to adapt in the face of change.’

The discussion was moderated by London-based Yuri Bender, editor in chief at ProfessionalWealth Management, part of the Financial Times.

Mrs Fletcher has frequent discussions with the UK government and was asked where the island sits in the post Brexit world.

She said : ‘For us our focus is very much on where the UK will sit because for us the UK is our biggest trading partner.

‘It is really up to us to understand the post-Brexit position of the UK and the advantages, opportunties, threats and positioning.

Mr Bender suggested the UK could no longer be seen as the island’s ‘big brother’ in EU matters.

Mrs Fletcher replied that for years the island has more or less represented itself.

But what was really important ‘is to work to actually represent ourselves as much as we can.

‘We may not always be able to get a seat at the table but we need to make sure our voice is heard and our position is understood.’

There was instance the need to look at the island’s future economic position with the UK

Other members of the panel included Carl Hawker, deputy chief executive at the Department for Enterprise, CArolyn Gelling, from The International Stock Exchange in the island, David Hester from Swagelok and Sandra Skuszka, a partner in KPMG.

Organisers said the island’s biggest business event proved a resounding success as more than1,500 attendees from on and off-island enjoyed the programme of content and networking events at the Villa Marina.

ISLEXPO was launched in 2016 by the Department for Enterprise with the core objective of encouraging businesses to start or expand in the Isle of Man.

The 2018 event provided a culmination to the ‘Start, Grow, Locate’ series, with the theme Locate and a celebration of the Isle of Man as an attractive business destination to live and work taking centre stage.

A spokesman said there was growing support from the island’s business community with this year’s event attracting even greater interest from the island’s increasing number of gaming and cryptocurrency organisations, including the rapidly expanding bitcoin specialist CoinCorner, which has been featured recently in Business News.

Co-founder of CoinCorner Phil Collins said: ‘ISLEXPO 2018 was a great opportunity for CoinCorner to show our support for the island’s up-and-coming entrepreneurs as the start-up story is something that we can relate to.

‘Having grown from a start-up to a global business, CoinCorner is leading the way for the island’s cryptocurrency sector. It was a great day and we hope to work with the ISLEXPO team again in the future.’

ISLEXPO organiser Sam Jones from events and marketing agency Revel said: ‘The closing programme in the gardens provided a vibrant end to an eclectic yet accessible business event. It’s nothing short of inspirational to see such a varied mix of people.’