Brexit is one of the greatest challenges faced by Manx Government, said Chief Minister Howard Quayle. in his State of the Nation speech in Tynwald this week.

He said the year ahead would see Brexit become a reality and, with the in-fighting at Westminster and the laborious international negotiations, it remained possible the UK could leave the EU without any deal.

But the planning the government has done and continues to work on, he said, would mean the island would cope.

’There is still a huge amount of work that needs to be done to make sure that the Isle of Man is totally prepared for that scenario and indeed for all scenarios,’ he said.

’This is one of the greatest challenges that a Manx Government and parliament has ever faced.’

The Manx Government’s own European Union and Trade Bill is due to be introduced to the House of Keys later this month.

He described it as ’probably the most important piece of legislation that this honourable court will need to consider in a generation’.

Mr Quayle said the summit between the EU and UK last month had not gone to plan, he was now ’picking up more of a note of optimism’.

He admitted that difficult times lay ahead, however.

’Deal or no deal we are making the necessary preparations so that we are ready, whatever happens, and we will have made the necessary preparations for either scenario.’

But he also said the island would be ready to deal whatever Brexit threw at it.

’Because we are small and agile, we will be ready to take advantage of post-Brexit opportunities,’ he claimed.

’And because we have planned meticulously for any outcome, we will be as well prepared as possible.’

The other major challenge on the international front was financial regulation, he said.

’We will continue down the path of delivering sustainable policies at home and meeting international standards abroad.’