The Isle of Man is ready for a no-deal Brexit, the Minister for Enterprise says.

Laurence Skelly was speaking after Theresa May’s crushing defeat in the House of Commons in which MPs threw out her deal.

Now the UK in the default position of a ’no deal’ exit on March 29 but things could change.

The Prime Minister is required to come back to Parliament with revised proposals, and Parliament will have the ability to amend, debate and vote on those proposals.

Mr Skelly said: ’Whether there is a "no-deal" exit or a modified deal to come, the Isle of Man Government has been preparing for the various options, and the Department for Enterprise has been representing the interests of our business constituents in that process.

’The Isle of Man is well positioned to deal with the consequences of a "no-deal" scenario as the economy is diverse, and for both digital and financial services - our two largest and most successful sectors - the island is a third country for EU purposes already, in other words we are not directly exposed to any new barriers to trade.

’Throughout the process, and in tandem with other departments of government, we have held and continue to hold a constructive dialogue with our UK counterparts to ensure our unique position and views are recognised in preparing for any new trading relationships with the EU and rest of the world.’

He added that his department had liaised with the various industry bodies and businesses to ’recognise and prepare for both risks and opportunities that may materialise’.

’We continue to make plans for any eventualities, including working with other Government Departments to ensure that our legal framework facilitates "Business as Usual" as much as possible following Brexit,’ Mr Skelly said.

Towards the end of last year the UK released over 100 notices for citizens and businesses on how to prepare, and these are published in full on the Isle of Man Government website at www.gov.im/brexit along with an Isle of Man impact assessment of each.

In December, the department published a simple checklist guide for businesses with points of contact for assistance and answers to essential questions.

The department also introduced a grant to help businesses with the costs of seeking consultancy on Brexit matters. More information can be found at https://www.iomdfenterprise.im/bis.

Mr Skelly added: ’It is important that the many EU nationals living and working in the island know that the community here welcomes them and their contribution to island life is valued and that welcome to stay applies to EU citizens with or without a deal being agreed.

’The Isle of Man is offering the same opportunities for settled and pre-settled status as the UK and the settlement scheme will be open to EU nationals from March 30.

’Our business and general preparations are ongoing and we will be publishing further information on relevant matters for business in the weeks to come.’