What’s the latest on the complicated situation between Brexit and Gibraltar?

04 July, 2018

What’s the latest on the complicated situation between Brexit and Gibraltar? Image

What’s the latest on the complicated situation between Brexit and Gibraltar?

The uniqueness of the situation facing Gibraltar in the two years since the UK’s vote to leave the European Union (EU) cannot be denied, not least given the British Overseas Territory’s strong stance in favour of remaining in the bloc in the 2016 referendum.

So, with Gibraltar set to officially cease to be part of the EU along with the mainland UK in March 2019, how has the territory fared so far amid the uncertainty brought by Brexit?

The vital statistics look good for a financially healthy Gibraltar

One of the first things that anyone seeking out properties for sale in Gibraltar should know is that the territory remains as attractive a destination as ever, even amid the speculation about what the still-to-be-completed negotiations between the UK and the EU could bring.

This much was affirmed recently by Chief Minister Fabian Picardo, who in delivering “a Brexit budget” that aimed to balance “caution with optimism and prudence with investment”, said that solid growth had continued to be recorded across all of the key areas of the economy.

Not only did the Chief Minister report a budget surplus of just over £36m, but he also said that public debt was low and under control, and that unemployment was at a record low of 45 people. The number of jobs in Gibraltar’s economy had also gone up, to 28,029.

It all meant that he was able to announce a budget with “no cuts and no austerity”.

Reassurance from the Prime Minister on the territory’s importance

Another key figure talking up Gibraltar’s big role in the Brexit withdrawal agreement has been British Prime Minister Theresa May, who – on being quizzed on the subject in the House of Commons after delivering a statement on recent EU Council negotiations – declared that Brexit “must work for Gibraltar too”.

She replied to Labour MP Liz McInnes, about progress with talks over the Gibraltar-Spain border: “Negotiations have been taking place in relation to Gibraltar and we maintain our steadfast support for the people of Gibraltar. We have been clear that Gibraltar is covered by our exit negotiations.”

However, with the Express and other media sources also reporting that EU leaders have affirmed the importance of the UK reaching a deal with Spain on Gibraltar’s post-Brexit status, there is still much to negotiate before a mutually satisfactory withdrawal agreement can be said to be in prospect.

The overall signs so far, however, give those with an interest in properties for sale in Gibraltar reason for cautious optimism about the territory’s future outside the EU. Seek out such properties with the help of our team here at The Property Zone Gibraltar, and you can be confident of making the right investment for your own long-term future.

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