Could some sort of closer relationship with Ireland allow us access to EU markets on better terms than the UK?

No. Firstly, Ireland is a part of the EU Common Market and therefore no nation can have a trading relationship with Ireland without negotiating that relationship with the whole EU. In this respect, our geographical and cultural proximity to Ireland and our positive working relationship with the Irish Government is not relevant, we would still have to negotiate a trade agreement with the European Commission for the EU as a whole.

Secondly, negotiating a trade agreement between the Isle of Man and the EU would likely undermine our Customs Union with the UK and mean that we would no longer have access to free movement of goods and services to and from the UK market. As over 80% of our trade is with the UK market, it would go significantly against the Island’s economic interests to take such an approach.