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Isola tells finance sector players to ‘stay calm’

Although the degree of uncertainty generated by Britain's Brexit vote was “terrifying” and a world-wide “shock to the system which had reached staggering proportions”, it was imperative that Gibraltar's business and financial services sector should stay calm Albert Isola Minister for Financial services said yesterday.

He was speaking at the opening of the Gibraltar Funds and Investment Association's second annual investment management forum to an audience which included some of our local finance industry's leading players. Against the background of this “cocktail of uncertainty”, the Government was looking at every option - including seeking ways to ensure that we continued to have access to the EU's open market.

The status quo had not yet changed, but when and if it did there would also be opportunities, he stressed. He repeatedly urged his listeners (and Gibraltar's business community) to 'stay calm,' despite uncertainties which put a brake on growth and investment. He stressed that, as far as Article 50 [the EU rules which provide for a country quitting its membership] was concerned 'there's a long way to go before it's triggered' “Like it, or not like it, the one thing we have is time,” he added.

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