It has been occupied at times in the past, at one point as a farm with cattle roaming along it, and when there are particularly high spring tides, at low water, it was possible for the cattle to reach solid ground by walking across the mud at low tide.
Currently, as the Humber continues to change, the Island is in a bit of a decline. Current thinking suggests that the main (undredged) shipping channel that leads to the likes of Goole, may actually fall between the island and the Humbers Lincolnshire shore before too many more years have passed.
wikipedia.org dumped 2003-03-17 with terodump