A no tariff, no quota Brexit trade deal is a ’good deal for the Isle of Man and better than we could have expected’, Chief Minister Howard Quayle told Tynwald today.

Mr Quayle said no deal would have seen price rises in our weekly shopping baskets and make some of our exports unprofitable.

The Isle of Man was never a member of the EU but our arrangements through protocol 3 had ’served us well’, the Chief Minister said.

But the Brexit vote had presented real risks in three areas, Tynwald was told.

The impact of tariffs could have been so high in some areas - without a deal tariffs on meat, for example, could have been over 30% - that they could have threatened the profitability of exports into Europe.

A no deal would have seen tariffs resulting in ’price rises for families across their island in their weekly shopping,’ said Mr Quayle.

Another real possibility could have been the EU’s refusal to allow the island to be part of any deal, which could have led to trade friction between UK and the island.

The third risk was any requirement by the EU for a level playing field regulatory environment in which goods are produced.

Mr Quayle said this would have meant there would be a ’real risk we would have to give more to get less’.

Mr Quayle said the deal agreed with Brussels, and announced by Boris Johnson on Christmas Eve, would ensure frictionless trade between us and the UK.

There was no threat to the Common Travel Area.

And our manufacturing and agricultural goods could be traded into Europe in the same way as the UK, with no tariffs and no quotas.

The Chief Minister told Tynwald: ’Manx lamb can be sold in the same way as Welsh lamb. Manx seafood can be sold in the same way as Scottish seafood.

’And manufactured goods from Ballasalla can be sold in the same way as manufactured goods from Birmingham.’

He added: ’There will be customs and regulatory checks at European borders.

’But we have avoided any additional checks for Manx products.

’For those of our businesses that trade with the EU, this gives them the certainty for the future that they need.

’For those who do not export to the EU, it gives them the clarity to explore that possibility.

’And, because the UK will not be in alignment with EU regulations, this has come without onerous regulatory obligations.’

In terms of fishing, the island will have to right to license any EU vessels wanting to fish in our waters.

They would have to have a proven track record of fishing for 10 days in any 12 month period and only be able to fish for particular species.

’I know that some people would have wanted a future where no foreign vessels were able to fish in our waters. I understand that.

’But in any negotiation there has to be give and take. I believe this approach of allowing those - and only those - with a proven track record to continue to fish our waters is balanced and fair,’ said the Chief Minister.

Mr Quayle said the deal was ’better than we could have expected’.

He said: ’I believe that this is a good deal for the Isle of Man. It provides clarity for our current exporters and creates opportunities for future exporters.

’And our agreement on fish is modern and proportionate.’

But he also described it as a ’skinny latte’ deal as there was little in it regarding financial services.

He said it was ’disappointing but not unexpected’ that services are not included in the new arrangements.

And he said it is true to say that new opportunities from Brexit have so far been few.

Unlike the other Crown Dependencies, the Manx parliament is not required to give its consent to be involved in the deal.

But Mr Quayle said the UK government had requested confirmation in writing that the Isle of Man is able to comply with the obligations of the agreement.

He said he would be writing a letter to that effect this afternoon.