Any debt or recurrent expenditure challenges that may arise in Gibraltar will have political repercussions, and not just monetary ones. Much thought, care and some compromises are needed by and from all, not least Spain, to achieve the Gibrexit unanimous objective, namely shared prosperity. Thought and care, with the least compromise by the U.K./Gibraltar in the ongoing talks with Spain/EU, are especially necessary.
The GSLP-Liberal Government should bear in mind that financial considerations will provide the UK with leverage, which it can use to coax and edge our Government to places where the UK achieves any ambitions it may have for Gibraltar, contrary to the wishes of the latter. That possibility is bigger now that the UK’s financial muscle is increased by a very short term £500 million sovereign debt guarantee it has given Gibraltar.
Further, bearing in mind that lack of money, or the threat of a shortage, is a weakness that Spain can exploit to achieve its objectives over Gibraltar.
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Gibraltar's response to the Covid-19 pandemic has more than doubled since last September, with cost now standing at over £227 million.
The latest figures published by the Government for the period ending 31st March this year, includes a loss of £163 million pounds in revenue.
Once again the most notable loss to Government coffers is £74 million of Import Duties, followed next by Company Tax at £48.5 million.
Overall, the drop in revenue amounts to £163,316,164.
In terms of recurrent payments, the GHA tops the list again with £19 million.
The Business Employee Assistance Terms known as BEAT, has cost the taxpayer £28,481,627.
In all, recurrent payments total just under £60 million.
Donations to the Covid Response Fund has increased slightly to £2.6 million which remains untouched.
The running total of the pandemic so far is £227,352,647.