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UK officials visit crown dependencies to discuss ‘Crexit’

24 Jan 17

A team of UK politicians have been touring the Channel Islands and the Isle of Man as part of a fact-finding mission to establish what effect Britain’s exit from the European Union will have on the crown dependencies.

A team of UK politicians have been touring the Channel Islands and the Isle of Man as part of a fact-finding mission to establish what effect Britain’s exit from the European Union will have on the crown dependencies.

The move comes as it was confirmed on Tuesday that the UK parliament must vote on whether the government can trigger Article 50, the Supreme Court has ruled.

The judgement means Theresa May cannot begin talks with the EU until MPs and peers give their backing – although this is expected to happen in time to meet the government’s 31 March deadline.

Last week, members of the House of Commons Justice Select Committee travelled to the Isle of Man, Jersey and Guernsey in a bid to understand the implications of Brexit on the offshore jurisdictions.

The committee will use the trip to compile a report setting out the potential opportunities and risks for the crown dependencies of Brexit, the constitutional implications on the sslands and the effectiveness of the communication between the UK and the crown dependencies in the run up to Brexit.

Protocol 3

Under Protocol 3, which has been in place since 1972 when Britain joined the Common Market, all three jurisdictions are treated as part of the European Union for the purposes of free trade in goods, but in all other respects are outside of the EU.

As a result, over the years the crown dependencies have set up their own third party agreements with the EU.

The islands are hoping that such agreements can protect them from the some of the downsides post-Brexit, however the crown dependencies are still reliant on the UK to represent them during international negotiations.

For their part, the officials from the Isle of Man, Jersey and Guernsey have all welcomed the chance to voice their concerns about Brexit negotiations.

“It has been our position that although we want to continue to be able to trade with the EU, to minimise the potential risks flowing from Brexit, and make the most of any opportunities which arise, we recognize that the shape of the island’s new relationship with Europe will rest upon what the UK can secure for itself,” said Howard Quayle, Isle of Man’s chief minister.

“Despite the greater clarity, which we welcome, it is still very difficult to know what that relationship will be. But whatever the new relationship between the UK and the EU, the Isle of Man’s connection with the UK will remain the same.”

Gibraltar

Last week, the Gibraltar government told International Adviser that it is “well prepared” to handle the fallout from a hard Brexit, adding it could provide “significant opportunities” for the British overseas territory.

Tags: Brexit | Gibraltar | Guernsey | Isle Of Man | Jersey

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International Adviser covers the global intermediary market that uses cross-border insurance, investments, banking and pension products on behalf of their high-net-worth clients. No news, articles or content may be reproduced in part or in full without express permission of International Adviser.