Chief Minister of Gibraltar Fabian Picardo Briefings

Ten months since Gibraltar was presented with yet another challenge

to overcome. Ten months since this community once again resolved to

pull together to determine and conquer our future for ourselves

rather than allow circumstances to Paul asked in an unwanted direction.

This is not the most important dinner going on tonight, which is

considering the consequences of the results of the referendum. A much

smaller affair is going on in 1500 miles north. The Prime Minister is

hosting Mr Juncker and others in Downing Street this evening as a

prelude to the negotiations that will commence after the ongoing

general election in the united kingdom. I consider that Gibraltar's

interests are ably represented in deed at that dinner by Mrs Theresa

May. You all know that in the days, weeks and months that followed the

referendum, we've met with the UK Government specifically on Brexit

and we have had numerous meetings with Robin Walker and other leading

politicians and officials working towards making a success of Brexit.

We've also taken our campaign to Brussels. We've now met with

ambassadors or permanent representatives of 24 out of the 27

remaining member states. Earlier this year I also address the

European Parliament's committee on Constitutional affairs where I set

out Gibraltar's position and rejected proposals put forward by

Spanish members of that committee. That committee has today published a

not unfavourable report in respect of the UK's devolved nations and

Gibraltar in the context of Brexit. Even the Leader of the Opposition,

who has not been generous of his praise of me has admitted that no

stone has been left unturned in terms of the work we have done in

these challenging months. In a World Cup characterised by uncertainty, we

have adopted a strategy to deliver as much certainty to our economy as

is within our control. I believe that that is what you, be Gibraltar

entrepreneurs expect from us. Our financial services and gaming

sectors will continue to have barrier free access to the UK market

as they do to day. We've also agree with the United Kingdom to explore

other areas where we can expand this relationship. -- today. But the

commitment has been forthcoming from the UK to take into account our

priorities in respect of the future trade deals of the UK with countries

around the world. That will be important in respect of new trade

arrangements between the United States and the Commonwealth

countries with whom we share important basic attributes, not

least the bonds of a common language and the common law. And none of

these matters are dependent on the Brexit negotiations. None of them

are affected by clause 22 of the European Council's draft guidelines.

All of them are entirely within the gift of the UK Government. That is

why we have worked hard on those aspects were we can deliver success

and we can build new business. Access to the UK market was

announced by Secretary of State Liam Fox at our job will today in London

and confirmed by Robin Walker, both in Gibraltar and in giving evidence

to be House of Lords select committee. Within four days of the

referendum result, we had put this issue to Downing Street. In less

than four weeks, it was agreed by the then Prime Minister, and within

four months it was publicly announced by a Secretary of State.

And I can tell you tonight that I've already had written confirmation

from the Department for International to it that the

interests and priorities of Gibraltar will be fully reflected

and taken into account in talks to establish future trading

relationships across the world. Again, we are delivering, in

partnership with Britain, the things necessary to establish the ground

for future business strategy that makes Gibraltar an attractive

business hub in respect of those nations with which the UK

establishes new trading relationships. That allows you, our

business leaders, to plan your group strategy for the next eight

quarters, even if that period is one of uncertainty as to the final

position in respect of the trading relationship with Europe. And why is

this important? The work we did across government and the private

sector told us that 92% of financial services and online gaming business

was with the UK. The work we are doing to maintain and increase that

business will serve us well and early results indicate we are on the

road to achieving good results. Since the 24th of June last year,

the financial services commission has issued 21 new licences to do

business in Gibraltar, and has 22 in the pipeline. With the number of new

firms engaging with them in the pre-application stage already. Yes,

you heard right, 21 new licences issued since the date of the

referendum results, 22 in the pipeline. This business is

substantial and will lead to increased activity and implement in

Gibraltar. This is, ironically, probably the period in recent

history where we have seen most licences issued. A truly remarkable

vote of confidence in Gibraltar. Similarly, in gaming, we have

licensed two new firms and have three in the pipeline. A remarkable

performance contrary to our own predictions of what Brexit might

mean for Gibraltar. Of course, we will hear a firm 's restructuring,

but this is normal and to be expected as firms grapple with a

typically cyclical nature of their businesses and the looming Brexit

challengers. How has Gibraltar performed financially during this

period? We have completed a full Gibraltar financial year on the 31st

of March 20 17. Tomorrow morning all members of Parliament will receive

the draft estimates of government revenue and expenditure for the

current financial year 17/ 18. Members will be required to keep the

content of that estimate book confidential until the day of the

budget debates. This past month we have examined the forecast outturn

to distil the economy's performance since the referendum votes. After

the vote, there was the expected negative outlook and concern for the

future. Pessimism was the order of the day, as much in London as it

might have been in Gibraltar. My Government did what we Gibraltarians

do best, we knuckle down and we get on with the job of facing the issues

and best preparing ourselves for the new look future that not only do we

want but we will work tirelessly to succeed in. We cancelled holidays

and started the process of unravelling what better future

looked like. How have we actually done? How has the economy performed

in this period of blogs? In fact, ladies and gentlemen, the economy of

Gibraltar has defied all expectations and all attempt at

sabotage and has performed extraordinarily well. Ours is an

economy where estate agents will tell you they have sad Democrat the

best period of performance over last nine months, with property at all

ends of the spectrum being sold. -- will tell you they have seen the

best period of performance over the last nine months. In fact, many of

you will know that the World Trade Center has had to turn business away

for lack of space. Only this afternoon, I opened the magnificent

new officers of one firm at the World Trade Center, in which they

have invested over ?2 million. Confidence and investment in their

people. Confidence and investment in their business. Confidence and

investment in Gibraltar. New firms continue to seek licences to operate

from Gibraltar, the claimant numbers continue at record levels.

Unemployment is importantly remains at record lows. The publish first

quarter average of unemployment is a record low. It is the lowest

first-quarter average since records began. In fact, I can tell you

tonight that the figure of registered unemployed at the close

of business today, with one working day to go before the end of the

month, is a record low of 150 people. That is half the rate last

year before the referendum, where there was 290. We continue to seek

out new opportunities responsibly and professionally, as we are about

to do, with our new and exciting regulatory environment. Sectors of

the economy that have been static for years, in this have suddenly

sprung to life. After years of successive governments seeking to

attract new hotels, we have already opened one, a five-star hotel, and

seen three established hotels in vest and undergo the refurbishment

is that they sorely needed in the last five years. The referendum, two

new hotels are in the process of opening their doors in the next 15

months, with construction already well under way on one of these. I

cannot yet disclose too much at this stage and how government revenues

are performed during this period, but what I can say is that there is

anecdotal evidence is more than supported by the figures I am

sending to Parliament tomorrow. Revenues are up on last year and we

project another healthy surplus for the year just closed. What is

interesting is that revenues are not just up in one category, they are up

across-the-board. Income tax is up, signifying Warrenpoint meant.

Corporate taxes up, signifying good results from those performing in

that. Import duties are up, stamp duty is up, reflecting the

confidence in the reporting of the state agents. Gaming charges and

fees are up, demonstrating that the sector is vibrant and is performing.

Rates and rents are robbed. Airport taxes are Rob, recognising the

increases in traffic to Gibraltar. Tourism receipts are up on

projections, savings bank deposits are up, Port authority fees are up

and cruise passenger numbers are up. In fact, you will be very pleased to

note that we are well on target to achieve the commitment set out in

our manifesto of achieving GDP growth of 7.5% a year. This shows

our decisions are coming home to roost. They are delivering an

economy performing well, despite the uncertainty caused by Brexit and

those who would seek to derail our success. Why? Because you and your

employees are the economy. You and we in government respond to these

challenges, and in partnership with prudent stewardship of the economy,

we will succeed further. This is an economy that has faced serious

challenges in the past and will do so in the future, an economy that is

resilient and at the hands of a Government and entrepreneurial class

that will prudently ensure that it is steered toward success. Because

we all know that Brexit will not be a bed of roses, but we can now see

that neither will it be a bed of nails. Gibraltarians would not blink

in either case. Together we know that history does not give us much

time for beds. There are people who go out there to get things done, we

do not lie back and think of England leaving the European Union. In fact,

every generation has a moment to turn history. This is our time. It

is our responsibility, also, however difficult it may appear, to

safeguard our future now and for generations to come in the same way

that those who voted in the referendum of 1967 secured our

future before us. It is therefore right that this year we celebrate a

referendum of 50 years ago, without allowing the referendum of last year

to overshadow our success in this past half-century. Successes of

successive governments of different political complexions and different

ministers and Chief ministers. Success is not of politicians but

the whole community that, in the end, delivers results that defy

those who would thwart our very existence is a distinct people. It

is therefore right that we should continue to deliver homes for the

elderly, for the referendum and evacuation generations, as they

intend they cater properties to grow families that produce our future

generations. -- as they in turn vacated properties. It is right that

we like the way for the next century of progress, growth and prosperity

in an increasingly British Gibraltar by continuing to improve public

services, meaning continued investment in health services,

schools, sporting facilities, the new tunnel under the runway, the new

power station and the new energy plans that will secure our energy

dependence and senility of power for years to come. We will deliver in

all of those areas in the coming three years, despite the Brexit

challenge. Across government we will continue to work to build on the

strong foundations and continued to improve the service we give you as

clients and the value for money that we offer you as taxpayers. As we

would expect, we plan to continue the work of prudently keeping

expenditure in check, seeking to make more efficiency savings to

deliver value for money and to ensure we can deliver critical

services to those most in need in our economy. And those companies

operating in Gibraltar can rest assured that across all areas we are

working to make your interaction government more efficient, more

effective and very much easier. Because Brexit provides challenges,

but it also provides many opportunities which we are studying

to make life easier and more efficient for those that operate

from here. Mr President, we are working well with your boards across

all these areas and I am grateful to them for that operation, advice and

assistance even if we do not always agree. Together with the Federation

of Small Businesses and the unions we work in a day factors social

partnership that is critical for Gibraltar's success. Given the

wealth created by us is shared with wealth created by us is shared with

many who across-the-board each morning, it is a shame that we

cannot work together with the neighbouring nation to discuss many

of the issues that affect us, to make life easier for those that

commute every day. If we did, it would allow this engine that is the

Gibraltar economy to work even harder to power the whole region

around us. As you know, this is not for want of trying and we will

continue our reference. We will continue to offer a hand of

friendship to the kingdom of Spain, to develop joint strategies for

dealing with the consequences of Brexit in a way that makes peoples

lives better, not harder. Because Brexit is not a game for Spain to

seek political advantage. Brexit is a challenge for all of Europe, not

just the UK and Gibraltar. Brexit will not break Gibraltar. It will

remake Gibraltar. We will emerge from being a European business hub

to being a business hub for the whole world. Truly, a World Trade

Center. Mr President, this is often billed as a state of the nation

address by the Chief minister at your annual dinner. Given what I

have told you tonight, letters conclude with this message from

Gibraltar to the world. Our economy is thriving and growing, our public

finances are robust and more stable than ever. Our political foundations

are resin jeering and as solid as ever. -- is enduring and solid as

ever. The nation is steadfast and strong. Mr President, all is well,

the fortress is secure and strong. Thank you.