The Treasury is unable to accurately estimate the impact on Manx government revenue of the border closure.

Treasury Minister Alfred Cannan, in a written reply to a House of Keys question from Kate Costain (Douglas South), said there are many factors influencing the economic situation.

He said: ’The decision taken to close the border was one based on containing and reducing the spread of Covid-19 in order to protect, first and foremost, the population from the virus, and not one based on economic factors.

’The Treasury is unable to accurately estimate the impact on the revenue of the Isle of Man as a direct result solely of the closure of the borders.

’There are many factors influencing the economic situation of the island at this time and it is not considered feasible to assess the individual impact of one change given the complex nature of a modern economy.’

Miss Costain also asked if there has been a review of the island’s Depositor’s Compensation Scheme to ensure it remains ’fit-for-purpose’.

Mr Cannan replied that a comprehensive bank recovery and resolution framework for dealing with failing banks will be introduced later this year.

He said once this is in place, amendments to DCS regulations will be considered to ensure it remains ’effective, sustainable and proportionate’, reflecting international standards.