Gibraltar Chronicle Logo
Local News

If Britain left EU, Gib would have ‘to put her fate in the hands of the UK’

While there was only a 30 per cent likelihood of Brexit following the referendum in Britain and on the Rock on June 23, if the UK did leave the EU Gibraltar would have to “put her fate in the hands of the UK”. Fredlunds Madsen, a vice-president and senior strategist of Jyske Bank warned yesterday. He was on a whistle-stop visit to Gibraltar during which he spoke to a well-attended gathering of the GFSB and to two groups of the bank's private clients at the University of Gibraltar.
“Brexit would be as nasty a surprise as Donald Trump becoming US president,” he said - and later added that a British split was “a real risk ...one can't say it isn't going to happen”.

Although the polls indicated that those for and against a British pull out were neck and neck one fifth of the population was still 'undecided'. Pollsters could get it wrong, and many votes are decided on emotions rather than an understanding of the harsh realities, Madsen argued.
And the “realities” of a Brexit he spelled out would hit the City hard - and, because of the financial services sector's close links with the UK, Gibraltar would also suffer.

More in our printed edition