Government investments are not reliant on the UK stock market, according to Treasury Minister Alfred Cannan.

He gave the assurance as an MHK warned of ’turbulence’ on the UK markets as a result of Brexit uncertainty.

Jason Moorhouse (Arbory, Castletown and Malew) asked Mr Cannan, in the House of Keys, whether that uncertainty had reduced the government’s ’appetite for risk’.

The Treasury Minister stated: ’Our investments are broadly spread and not just focused on the UK stock market but also international stock markets as well and international performance.

’Indeed when investing in the United Kingdom, the stocks and businesses that are being invested in are often performing internationally based and internationally-focused business.’

He said he was satisfied the island had a ’broad, diverse and secure base of investments’ to protect against adverse performance on the UK stock market.

Earlier, Mr Cannan outlined the level of monitoring from the Treasury of the performance of its reserves.

Treasury officers receive daily updates on investments, while the Treasury investment committee receives detailed quarterly reports. In addition the committee meets each investment manager at least twice a year to review performance and strategy.

The market value of external reserves including cash was put at £1.9 billion at the end of 2017/18.