Just three weeks after his predecessor visited the island for the first time, there is a new Lord Chancellor and Secretary of State for Justice in post.

But David Gauke, who takes over responsibility for UK relations with the Crown Dependencies, the sixth holder of the post in as many years, is no stranger to the Isle of Man.

As Financial Secretary to the Treasury he agreed a new VAT revenue sharing formula with the island in 2011.

And in April 2016, he signed an agreement with the then Chief Minister Allan Bell, committing the island to setting up and maintaining a central electronic register of company beneficial ownership.

The South West Hertfordshire MP was appointed to his new role in the Ministry of Justice as part of Theresa May’s cabinet reshuffle this week.

He replaces Aylesbury MP David Lidington, who was only appointed Lord Chancellor in July last year and made his first visit to the island last month.

Chief Minister Howard Quayle described Mr Gauke as a ’good friend’ to the island.

Our public finances are still reeling from the loss of more than £200m in VAT revenue - a third of government income - after the UK revised the VAT deal twice in two years, 2009 and 2011.

Our share of revenue fell from a high of £464m in 2006-07 to £252m in 2012-13.

But following the introduction of the new revenue sharing mechanism our share has risen again and is forecast to grow to £340m by March 2019.