*What was said on GBC by Sir Joe causes worry, as does what was not asked or said
*Sir Joe did not suggest viable solutions to public finance problems
*Public health and other public services likely to collapse without a treaty
*Economy will not prosper either
*No questions about public costs or reducing deficit
*No solutions to deficit explored in any depth
*Increases in Social Security
*Breach of Sir Joe’s fundamental rule not to fund current account deficit from borrowings
*Four-year treaty window insufficient to redirect economy, Sir Joe’s optimism misplaced
*Will today’s Gibraltarian be prepared to suffer adverse consequences on no free-flowing frontier
*GSLP failing to take corrective action
*Is there any corrective action available


What was significant, aside from a few revelations, about Sir Joe Bossano’s interview on GBC’s Viewpoint programme, broadcast on the 22nd July 2022, was what he was not asked and so he omitted to give an opinion on. He rambled on but failed to focus on the public finance issues facing Gibraltar.

Additionally, he did not provide any viable solutions, other than that entering a treaty with the EU will provide four years to help resolve the effects on the Public Health and other public services and to diversify our economy, so that Gibraltar can prosper without a free-flowing frontier. His one idea to achieve that, holding companies with highly paid employees, can best be described as pie in the sky.

The interview of the past GSLP leader and Chief Minister came about due to his not having given his Budget speech in Parliament as he was ill with Covid.


He was not asked a single question about the current cost of running Gibraltar, including the numbers of people directly and indirectly employed by Government at public cost. The figures are huge. The public current account deficit is known and not being reversed. The unsustainability is obvious.

Further, he was not asked to delve in any depth into the deficit in public revenue and expenditure and how that would be resolved, or the current level of direct and indirect public debt and how that would be serviced and paid down. The unsustainability is also obvious, but again no answers.


Continued at the link.

Season 8 - Episode 40 - 21/07/22 - Minister for Economic Development