Brexit will have global impact – Bossano

Potentially withdrawing the United Kingdom and Gibraltar from the European Union is the most serious thing to happen since the 1930s, Minister for Economic Development Joe Bossano has said.

Mr Bossano made the comment during a question and answer session of Parliament yesterday as the House reflected on the potential economic consequences of Brexit in Gibraltar.

He said: “I happen to think this is the most serious thing that has happened since the 1930s because the effects are not just in the United Kingdom or in Gibraltar or even in the European Union – this has a global impact.”

“The level of a global impact is unlikely, in my judgement, to be corrected anytime soon; we are supposed to be just coming out of a recession that started in 2008, the timing could not be worse,” Mr Bossano told MPs.

The Minister’s remarks come against a backdrop of a plummeting pound and the UK’s downgraded credit rating as well as volatility in financial markets across the globe as a result of Britain’s vote last week to leave the European Union.

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