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UK Reiterates 'Unwavering Support' for Gibraltar

by Amanda Banks, Lowtax.net, London
06 November, 2017

The UK's Economic Secretary to the Treasury, Stephen Barclay, said the UK's support for Gibraltar is "unwavering," in a recent address to mark Gibraltar Day.

He told an audience of business leaders in the City of London's Guildhall that the UK is committed to a Brexit that works for both jurisdictions, and highlighted the opportunities Brexit presents for Gibraltar and the UK to deepen connections with each other.

In this context he mentioned the UK Government is currently considering a business case for a double tax agreement between the two jurisdictions, which was presented by Gibraltar's Chief Minister, Fabian Picardo, in an earlier ministerial meeting.

Barclay cited specific areas where Gibraltar and the UK are cooperating, including in online gaming, where Gibraltar and the UK have established a working group to discuss mutual opportunities.

He highlighted the importance of Gibraltar's financial services industry to the UK, noting that Gibraltar insurers provide insurance cover for 20 percent of UK motorists. He confirmed the UK would maintain Gibraltar's access to the UK insurance market post-Brexit, and that he had received confirmation from Picardo that Gibraltar's insurers would meet UK standards of regulation and enforcement, with regulators from both jurisdictions working together to broaden cooperation in this area.

Barclay said Gibraltar's financial services firms will continue to have the same access to the UK market they enjoy today. He also reiterated the UK Government's commitment to consulting Gibraltar on the free trade agreements the UK intends to negotiate after leaving the EU.

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