Majoring in finance : implications and key issues

Abstract

The Isle of Man, which forms the subject of this chapter, is not part of the United Kingdom, nor has it ever been (see Figure 9.1). Rather it is a British Crown dependency with the Queen of England as its sovereign head. Basically, it has autonomy over its internal affairs, but the UK government assumes responsibility for its defence and external relations. The UK government also has ultimate responsibility for the good government of the Island. The island's formal relationship with the European Union is governed by Protocol No.3 to the United Kingdom's Act of Accession 1972, which took the United Kingdom into the Union. The Protocol affords Isle of Man visible goods the same treatment as accorded to trade between full members. Measures which relate to matters affecting the free movement of goods therefore apply to the Isle of Man. For all other purposes the Isle of Man is treated as a non-member. It pays no money into the European Union; it gets nothing out. The Isle of Man's economic access to the European Economic Area is the same as that to the European Union.