"The way we see it is that the Isle of Man is a core asset for the City," he remarked.

Lewis, an eminent City lawyer, paid tribute to the Island’s high standards of financial regulation and its policy of international co-operation, as well as its success as a financial services centre, and referred to the Isle of Man’s "powerful distinctive brand within the global financial scene."

"From the City’s point of view, your brand was immensely strengthened when you committed to work with the OECD on improving transparency and tax information, and then backed it up with a host of Tax Information Exchange Agreements," he stated.

The Lord Mayor, who is a global ambassador for the City and the United Kingdom's financial services sector, was guest speaker at the inaugural ‘Chief Minister’s International Lecture’ on Wednesday November 21, 2007.

He said that the City was of "crucial importance" to the UK economy as a whole. The UK financial services sector now accounts for 13% of the country’s GDP, contributing over GBP25 billion to its trade surplus, and 25% of the Treasury’s corporate tax take. The sector employs some 1.3 million people.

As an example of the inter-connectedness between the Isle of Man and the City, the Lord Mayor cited the Island’s role as the leading offshore jurisdiction for non-UK companies joining the London Stock Exchange’s Alternative Investment Market (AIM).

"We recognise how capable you are in helping companies list on AIM and thereby gain rapid, quality access to the City’s capital investment markets," he stated.

He described the Isle of Man and the City as "boosting each other’s competitive edge in a way which is unmatched by other financial centres given our mutual history, geographical proximity and business culture".

The Lord Mayor observed that the Island’s "Freedom to Flourish" ethos gave it a clear direction. He suggested that the "real shared strength" between the Isle of Man and the City was in "our common understanding of and approach to business".

Chief Minister Tony Brown MHK said the Lord Mayor’s visit to the Island reflected an ever increasing awareness of the "positive and mutually beneficial" relationship between the Isle of Man and the City.

"The Isle of Man could be described as a satellite of the City, capturing international business and feeding it into the Square Mile," he concluded.