A EU Withdrawal Bill has been drafted and will be put out for consultation within weeks.

Mr Quayle admitted there was still uncertainty over the impact of the UK’s decision to withdraw from the European Union.

’Although we have a limited relationship with the EU, it affects the way we trade and it underpins our customs regime,’ he said. ’So we are preparing for the necessary changes we will need to make to be ready for the UK’s departure from the EU.

’We have an EU Withdrawal Bill in draft and hope to release it for consultation within the next few weeks.’

Consideration was also being given to other law changes required in the island to continue to trade with the UK and, potentially, the EU.

’There are both risks and opportunities which flow from these changes,’ he said.

’One of the key opportunities is for our potential inclusion in new free trade agreements.’

He said there was extensive engagement with the UK, at all levels, to ensure that negotiators were aware of any impact on the islandand also ’what we might be able to secure from a new UK/EU relationship’. He reiterated the island wanted to continue free trade with the UK and preserve the Common Travel Area, which allows for free movement of people within the British Isles.

He added: ’We would also like to be able to continue to trade freely in goods with the EU - but we know that when the UK leaves the Customs Union, and the Single Market, then we will too. And we are dependent on what the UK and EU can negotiate.