The Chief Minister has insisted his attendance at UK political party conferences does pay dividends.

Howard Quayle attended last week’s Tory conference in Birmingham and the Labour Party conference in Liverpool the week before.

At both, he highlighted the island’s contribution to the UK economy - not just the £6.8bn of funds invested in the City but the large amount of expenditure in the northern regions.

This included £30m being invested in a new Liverpool ferry terminal, £15m a year spent on off-island patient care and £10m on university fees.

Mr Quayle said he had a five minute chat with Labour leader Jeremy Corbyn where he pointed out that our electricity and water supplies are state-owned.

Mr Quayle told the Examiner: ’Labour had been discussing in all earnestness the idea of nationalising water companies and the railways.

’I joked that we had just nationalised the ferry company - but did point out that we run it arm’s length.

’Mr Corbyn replied that "if the Isle of Man can do it, so can we!".’

The Chief Minister said delegates at both conferences were surprised that e-business was now the largest sector of the Manx economy and not financial services as they had assumed.

He said Ministers’ attendance at party conferences was a valuable exercise as it provides the opportunity to dispel some myths and set out the facts.

Mr Quayle said it was about developing personal relationships which may prove invaluable later.

Brexit, of course, was the main topic of debate and conversation at both party conferences. Mr Quayle accepted that ’we can’t impact on the negotiations but we can prepare ourselves’.

He said he was convinced there will be a deal but insisted the Isle of Man will be prepared in the event the UK crashed out Europe without any agreement.

’We will be ready, come what may,’ he insisted.

Mr Quayle said an EU and Trade Bill will be going through the House of Keys at the end of October and to Tynwald for approval in either December of January.

Planning for a worst case, no deal, scenario, included consideration not just the legislation but the extra resources required.

He said £1m of funding set aside by Treasury for Brexit preparations hasn’t been touched yet and would be made available when and if needed.

This could include an additional customs officer at our ports.

But Mr Quayle said the amount of goods coming in from the Republic of Ireland were ’miniscule’.