GFCC welcomes ‘in-principle’ Brexit agreement

The Gibraltar Finance Centre Council has welcomed the announcement of an “in-principle” agreement for the Rock's future relationship with the European Union.

The GFCC said it was concerned at the prospects of the impact of a hard Brexit, particularly to the mobility of people across the land frontier with Spain and restrictions on providing financial services to the UK.

The GFCC said it will wait until the Treaty containing the agreed principle is negotiated and circulated to form its definitive views, but added that the agreed principles mentioned by the Chief Minister Fabian Picardo on New Year’s Eve are ones which the GFCC wholeheartedly supports.

“A stable relationship with the EU which guarantees frontier fluidity and unhindered travel throughout the Schengen zone is to be welcomed,” the GFCC said in a statement.

“Coupled with bilateral access in financial services to the UK market, which the Her Majesty’s Government of Government recently achieved, sensible regulation, competitive tax rates and a developing double tax treaty network, the outlook for the financial services industry and its prosperity are very positive.”

“The GFCC stands ready to engage with Government in the next weeks and months to assist in any way it can to contribute to the details of the Treaty by highlighting what aspects are vital to its members to continue the success of the Gibraltar financial services industry.”

The GFCC represents Gibraltar’s financial services industry, and all financial services industry associations are members of the GFCC whose objects are to promote the economic interests of Gibraltar by developing the finance centre.

The GFCC meets regularly with the Minister for Digital & Financial Services and Government officials and has an important role in shaping finance centre policy and legislation.