@ Pongo: If the UK has a business model fully outside of the EU then it will likely involve adopting and taking over much the IOM's business model.
I think WTO and fully outside would be far better for both the UK and the IOM. Just needs balls but, of course, they are in short supply. The IOM will always find niche markets which would see us nicely if only our liabilities were in kilter with what they should be for our size. Whether we can do well enough to cover the crazy pension debt too is moot.