:00:43. > :00:49.Ten months since Gibraltar was presented with yet another challenge
:00:50. > :00:56.to overcome. Ten months since this community once again resolved to
:00:57. > :00:59.pull together to determine and conquer our future for ourselves
:01:00. > :01:05.rather than allow circumstances to Paul asked in an unwanted direction.
:01:06. > :01:09.This is not the most important dinner going on tonight, which is
:01:10. > :01:18.considering the consequences of the results of the referendum. A much
:01:19. > :01:23.smaller affair is going on in 1500 miles north. The Prime Minister is
:01:24. > :01:26.hosting Mr Juncker and others in Downing Street this evening as a
:01:27. > :01:32.prelude to the negotiations that will commence after the ongoing
:01:33. > :01:37.general election in the united kingdom. I consider that Gibraltar's
:01:38. > :01:43.interests are ably represented in deed at that dinner by Mrs Theresa
:01:44. > :01:47.May. You all know that in the days, weeks and months that followed the
:01:48. > :01:54.referendum, we've met with the UK Government specifically on Brexit
:01:55. > :01:58.and we have had numerous meetings with Robin Walker and other leading
:01:59. > :02:06.politicians and officials working towards making a success of Brexit.
:02:07. > :02:10.We've also taken our campaign to Brussels. We've now met with
:02:11. > :02:16.ambassadors or permanent representatives of 24 out of the 27
:02:17. > :02:22.remaining member states. Earlier this year I also address the
:02:23. > :02:26.European Parliament's committee on Constitutional affairs where I set
:02:27. > :02:29.out Gibraltar's position and rejected proposals put forward by
:02:30. > :02:35.Spanish members of that committee. That committee has today published a
:02:36. > :02:40.not unfavourable report in respect of the UK's devolved nations and
:02:41. > :02:46.Gibraltar in the context of Brexit. Even the Leader of the Opposition,
:02:47. > :02:50.who has not been generous of his praise of me has admitted that no
:02:51. > :02:56.stone has been left unturned in terms of the work we have done in
:02:57. > :03:00.these challenging months. In a World Cup characterised by uncertainty, we
:03:01. > :03:08.have adopted a strategy to deliver as much certainty to our economy as
:03:09. > :03:11.is within our control. I believe that that is what you, be Gibraltar
:03:12. > :03:27.entrepreneurs expect from us. Our financial services and gaming
:03:28. > :03:33.sectors will continue to have barrier free access to the UK market
:03:34. > :03:38.as they do to day. We've also agree with the United Kingdom to explore
:03:39. > :03:44.other areas where we can expand this relationship. -- today. But the
:03:45. > :03:47.commitment has been forthcoming from the UK to take into account our
:03:48. > :03:54.priorities in respect of the future trade deals of the UK with countries
:03:55. > :03:58.around the world. That will be important in respect of new trade
:03:59. > :04:02.arrangements between the United States and the Commonwealth
:04:03. > :04:06.countries with whom we share important basic attributes, not
:04:07. > :04:12.least the bonds of a common language and the common law. And none of
:04:13. > :04:19.these matters are dependent on the Brexit negotiations. None of them
:04:20. > :04:23.are affected by clause 22 of the European Council's draft guidelines.
:04:24. > :04:32.All of them are entirely within the gift of the UK Government. That is
:04:33. > :04:36.why we have worked hard on those aspects were we can deliver success
:04:37. > :04:43.and we can build new business. Access to the UK market was
:04:44. > :04:48.announced by Secretary of State Liam Fox at our job will today in London
:04:49. > :04:52.and confirmed by Robin Walker, both in Gibraltar and in giving evidence
:04:53. > :04:58.to be House of Lords select committee. Within four days of the
:04:59. > :05:02.referendum result, we had put this issue to Downing Street. In less
:05:03. > :05:07.than four weeks, it was agreed by the then Prime Minister, and within
:05:08. > :05:11.four months it was publicly announced by a Secretary of State.
:05:12. > :05:14.And I can tell you tonight that I've already had written confirmation
:05:15. > :05:19.from the Department for International to it that the
:05:20. > :05:24.interests and priorities of Gibraltar will be fully reflected
:05:25. > :05:24.and taken into account in talks to establish future trading
:05:25. > :05:35.relationships across the world. Again, we are delivering, in
:05:36. > :05:38.partnership with Britain, the things necessary to establish the ground
:05:39. > :05:43.for future business strategy that makes Gibraltar an attractive
:05:44. > :05:47.business hub in respect of those nations with which the UK
:05:48. > :05:53.establishes new trading relationships. That allows you, our
:05:54. > :05:56.business leaders, to plan your group strategy for the next eight
:05:57. > :06:00.quarters, even if that period is one of uncertainty as to the final
:06:01. > :06:06.position in respect of the trading relationship with Europe. And why is
:06:07. > :06:11.this important? The work we did across government and the private
:06:12. > :06:16.sector told us that 92% of financial services and online gaming business
:06:17. > :06:20.was with the UK. The work we are doing to maintain and increase that
:06:21. > :06:26.business will serve us well and early results indicate we are on the
:06:27. > :06:31.road to achieving good results. Since the 24th of June last year,
:06:32. > :06:39.the financial services commission has issued 21 new licences to do
:06:40. > :06:45.business in Gibraltar, and has 22 in the pipeline. With the number of new
:06:46. > :06:51.firms engaging with them in the pre-application stage already. Yes,
:06:52. > :06:55.you heard right, 21 new licences issued since the date of the
:06:56. > :07:01.referendum results, 22 in the pipeline. This business is
:07:02. > :07:06.substantial and will lead to increased activity and implement in
:07:07. > :07:09.Gibraltar. This is, ironically, probably the period in recent
:07:10. > :07:16.history where we have seen most licences issued. A truly remarkable
:07:17. > :07:22.vote of confidence in Gibraltar. Similarly, in gaming, we have
:07:23. > :07:26.licensed two new firms and have three in the pipeline. A remarkable
:07:27. > :07:31.performance contrary to our own predictions of what Brexit might
:07:32. > :07:36.mean for Gibraltar. Of course, we will hear a firm 's restructuring,
:07:37. > :07:40.but this is normal and to be expected as firms grapple with a
:07:41. > :07:46.typically cyclical nature of their businesses and the looming Brexit
:07:47. > :07:51.challengers. How has Gibraltar performed financially during this
:07:52. > :07:56.period? We have completed a full Gibraltar financial year on the 31st
:07:57. > :08:01.of March 20 17. Tomorrow morning all members of Parliament will receive
:08:02. > :08:06.the draft estimates of government revenue and expenditure for the
:08:07. > :08:12.current financial year 17/ 18. Members will be required to keep the
:08:13. > :08:16.content of that estimate book confidential until the day of the
:08:17. > :08:21.budget debates. This past month we have examined the forecast outturn
:08:22. > :08:25.to distil the economy's performance since the referendum votes. After
:08:26. > :08:30.the vote, there was the expected negative outlook and concern for the
:08:31. > :08:36.future. Pessimism was the order of the day, as much in London as it
:08:37. > :08:39.might have been in Gibraltar. My Government did what we Gibraltarians
:08:40. > :08:44.do best, we knuckle down and we get on with the job of facing the issues
:08:45. > :08:51.and best preparing ourselves for the new look future that not only do we
:08:52. > :08:54.want but we will work tirelessly to succeed in. We cancelled holidays
:08:55. > :08:58.and started the process of unravelling what better future
:08:59. > :09:05.looked like. How have we actually done? How has the economy performed
:09:06. > :09:10.in this period of blogs? In fact, ladies and gentlemen, the economy of
:09:11. > :09:13.Gibraltar has defied all expectations and all attempt at
:09:14. > :09:18.sabotage and has performed extraordinarily well. Ours is an
:09:19. > :09:23.economy where estate agents will tell you they have sad Democrat the
:09:24. > :09:30.best period of performance over last nine months, with property at all
:09:31. > :09:33.ends of the spectrum being sold. -- will tell you they have seen the
:09:34. > :09:39.best period of performance over the last nine months. In fact, many of
:09:40. > :09:44.you will know that the World Trade Center has had to turn business away
:09:45. > :09:49.for lack of space. Only this afternoon, I opened the magnificent
:09:50. > :09:53.new officers of one firm at the World Trade Center, in which they
:09:54. > :09:58.have invested over ?2 million. Confidence and investment in their
:09:59. > :10:04.people. Confidence and investment in their business. Confidence and
:10:05. > :10:10.investment in Gibraltar. New firms continue to seek licences to operate
:10:11. > :10:13.from Gibraltar, the claimant numbers continue at record levels.
:10:14. > :10:21.Unemployment is importantly remains at record lows. The publish first
:10:22. > :10:29.quarter average of unemployment is a record low. It is the lowest
:10:30. > :10:33.first-quarter average since records began. In fact, I can tell you
:10:34. > :10:39.tonight that the figure of registered unemployed at the close
:10:40. > :10:44.of business today, with one working day to go before the end of the
:10:45. > :10:54.month, is a record low of 150 people. That is half the rate last
:10:55. > :11:00.year before the referendum, where there was 290. We continue to seek
:11:01. > :11:07.out new opportunities responsibly and professionally, as we are about
:11:08. > :11:10.to do, with our new and exciting regulatory environment. Sectors of
:11:11. > :11:16.the economy that have been static for years, in this have suddenly
:11:17. > :11:20.sprung to life. After years of successive governments seeking to
:11:21. > :11:26.attract new hotels, we have already opened one, a five-star hotel, and
:11:27. > :11:30.seen three established hotels in vest and undergo the refurbishment
:11:31. > :11:36.is that they sorely needed in the last five years. The referendum, two
:11:37. > :11:40.new hotels are in the process of opening their doors in the next 15
:11:41. > :11:46.months, with construction already well under way on one of these. I
:11:47. > :11:48.cannot yet disclose too much at this stage and how government revenues
:11:49. > :11:54.are performed during this period, but what I can say is that there is
:11:55. > :11:59.anecdotal evidence is more than supported by the figures I am
:12:00. > :12:03.sending to Parliament tomorrow. Revenues are up on last year and we
:12:04. > :12:09.project another healthy surplus for the year just closed. What is
:12:10. > :12:16.interesting is that revenues are not just up in one category, they are up
:12:17. > :12:20.across-the-board. Income tax is up, signifying Warrenpoint meant.
:12:21. > :12:24.Corporate taxes up, signifying good results from those performing in
:12:25. > :12:31.that. Import duties are up, stamp duty is up, reflecting the
:12:32. > :12:35.confidence in the reporting of the state agents. Gaming charges and
:12:36. > :12:41.fees are up, demonstrating that the sector is vibrant and is performing.
:12:42. > :12:46.Rates and rents are robbed. Airport taxes are Rob, recognising the
:12:47. > :12:50.increases in traffic to Gibraltar. Tourism receipts are up on
:12:51. > :12:57.projections, savings bank deposits are up, Port authority fees are up
:12:58. > :13:03.and cruise passenger numbers are up. In fact, you will be very pleased to
:13:04. > :13:07.note that we are well on target to achieve the commitment set out in
:13:08. > :13:15.our manifesto of achieving GDP growth of 7.5% a year. This shows
:13:16. > :13:23.our decisions are coming home to roost. They are delivering an
:13:24. > :13:26.economy performing well, despite the uncertainty caused by Brexit and
:13:27. > :13:38.those who would seek to derail our success. Why? Because you and your
:13:39. > :13:41.employees are the economy. You and we in government respond to these
:13:42. > :13:45.challenges, and in partnership with prudent stewardship of the economy,
:13:46. > :13:49.we will succeed further. This is an economy that has faced serious
:13:50. > :13:54.challenges in the past and will do so in the future, an economy that is
:13:55. > :13:57.resilient and at the hands of a Government and entrepreneurial class
:13:58. > :14:02.that will prudently ensure that it is steered toward success. Because
:14:03. > :14:08.we all know that Brexit will not be a bed of roses, but we can now see
:14:09. > :14:13.that neither will it be a bed of nails. Gibraltarians would not blink
:14:14. > :14:18.in either case. Together we know that history does not give us much
:14:19. > :14:22.time for beds. There are people who go out there to get things done, we
:14:23. > :14:27.do not lie back and think of England leaving the European Union. In fact,
:14:28. > :14:36.every generation has a moment to turn history. This is our time. It
:14:37. > :14:41.is our responsibility, also, however difficult it may appear, to
:14:42. > :14:44.safeguard our future now and for generations to come in the same way
:14:45. > :14:50.that those who voted in the referendum of 1967 secured our
:14:51. > :14:55.future before us. It is therefore right that this year we celebrate a
:14:56. > :14:59.referendum of 50 years ago, without allowing the referendum of last year
:15:00. > :15:06.to overshadow our success in this past half-century. Successes of
:15:07. > :15:11.successive governments of different political complexions and different
:15:12. > :15:15.ministers and Chief ministers. Success is not of politicians but
:15:16. > :15:19.the whole community that, in the end, delivers results that defy
:15:20. > :15:22.those who would thwart our very existence is a distinct people. It
:15:23. > :15:28.is therefore right that we should continue to deliver homes for the
:15:29. > :15:32.elderly, for the referendum and evacuation generations, as they
:15:33. > :15:38.intend they cater properties to grow families that produce our future
:15:39. > :15:42.generations. -- as they in turn vacated properties. It is right that
:15:43. > :15:49.we like the way for the next century of progress, growth and prosperity
:15:50. > :15:53.in an increasingly British Gibraltar by continuing to improve public
:15:54. > :15:56.services, meaning continued investment in health services,
:15:57. > :16:01.schools, sporting facilities, the new tunnel under the runway, the new
:16:02. > :16:07.power station and the new energy plans that will secure our energy
:16:08. > :16:11.dependence and senility of power for years to come. We will deliver in
:16:12. > :16:14.all of those areas in the coming three years, despite the Brexit
:16:15. > :16:21.challenge. Across government we will continue to work to build on the
:16:22. > :16:25.strong foundations and continued to improve the service we give you as
:16:26. > :16:30.clients and the value for money that we offer you as taxpayers. As we
:16:31. > :16:34.would expect, we plan to continue the work of prudently keeping
:16:35. > :16:37.expenditure in check, seeking to make more efficiency savings to
:16:38. > :16:41.deliver value for money and to ensure we can deliver critical
:16:42. > :16:45.services to those most in need in our economy. And those companies
:16:46. > :16:49.operating in Gibraltar can rest assured that across all areas we are
:16:50. > :16:56.working to make your interaction government more efficient, more
:16:57. > :17:00.effective and very much easier. Because Brexit provides challenges,
:17:01. > :17:04.but it also provides many opportunities which we are studying
:17:05. > :17:09.to make life easier and more efficient for those that operate
:17:10. > :17:13.from here. Mr President, we are working well with your boards across
:17:14. > :17:18.all these areas and I am grateful to them for that operation, advice and
:17:19. > :17:22.assistance even if we do not always agree. Together with the Federation
:17:23. > :17:27.of Small Businesses and the unions we work in a day factors social
:17:28. > :17:29.partnership that is critical for Gibraltar's success. Given the
:17:30. > :17:33.wealth created by us is shared with wealth created by us is shared with
:17:34. > :17:37.many who across-the-board each morning, it is a shame that we
:17:38. > :17:41.cannot work together with the neighbouring nation to discuss many
:17:42. > :17:45.of the issues that affect us, to make life easier for those that
:17:46. > :17:49.commute every day. If we did, it would allow this engine that is the
:17:50. > :17:55.Gibraltar economy to work even harder to power the whole region
:17:56. > :17:59.around us. As you know, this is not for want of trying and we will
:18:00. > :18:03.continue our reference. We will continue to offer a hand of
:18:04. > :18:06.friendship to the kingdom of Spain, to develop joint strategies for
:18:07. > :18:11.dealing with the consequences of Brexit in a way that makes peoples
:18:12. > :18:17.lives better, not harder. Because Brexit is not a game for Spain to
:18:18. > :18:22.seek political advantage. Brexit is a challenge for all of Europe, not
:18:23. > :18:30.just the UK and Gibraltar. Brexit will not break Gibraltar. It will
:18:31. > :18:34.remake Gibraltar. We will emerge from being a European business hub
:18:35. > :18:41.to being a business hub for the whole world. Truly, a World Trade
:18:42. > :18:44.Center. Mr President, this is often billed as a state of the nation
:18:45. > :18:49.address by the Chief minister at your annual dinner. Given what I
:18:50. > :18:54.have told you tonight, letters conclude with this message from
:18:55. > :18:59.Gibraltar to the world. Our economy is thriving and growing, our public
:19:00. > :19:03.finances are robust and more stable than ever. Our political foundations
:19:04. > :19:12.are resin jeering and as solid as ever. -- is enduring and solid as
:19:13. > :19:17.ever. The nation is steadfast and strong. Mr President, all is well,
:19:18. > :19:27.the fortress is secure and strong. Thank you.