Given the outcome of the recent EU referendum the Chamber of Commerce agrees with the government on the need for caution with regards to future spending plans.
The Chamber welcomes the fact that no material increase in business costs were announced in the budget. Ahead of the budget the Chamber board had lobbied the government strongly not to increase social insurance costs. Further to this the Chamber would like to work with the government to review and overhaul the social insurance system as and when the government has received the relevant legal advice.
The Chamber also commends the government for listening to its appeal to delay the introduction of compulsory pension schemes in the private sector during this financial year. The uncertainty facing Gibraltar’s economy means that the private sector must not be burdened with additional costs if it is to remain competitive and adaptable to a changing economic climate.
The new incentive for start up ventures is a welcome development. Creating a tax credit of up to £50,000 per year for the first three years of operation for new ventures will hopefully attract new companies to Gibraltar and also encourage new local start ups. When taken together with other incentives which the government has introduced in the last few years, Gibraltar can be viewed as a very attractive place to start and operate a business. The Chamber will ensure that it promotes these incentives as widely as possible to highlight the attractiveness of Gibraltar as a pro-business jurisdiction.
The Chamber believes it is now, more than ever, crucial for the public sector to increase its productivity and reduce its expenditure. In this vein, it welcomes the Chief Minister’s appeal to civil servants “to be ready to do more, go further, work harder, be more efficient and wield greater influence than ever in building our common future”. The Chamber has long advocated for reductions in recurrent expenditure and so endorses the government’s commitment to being cautious in spending, more prudent in saving and more astute in achieving a reduced debt to GDP ratio in the future and looks forward to progress on these three measures.
In these changing times it is crucial that Gibraltar’s economy not only adapts its various sectors as circumstances dictate but also that it is streamlined and more productive. In conclusion, the private sector, the government and the public sector all need to work in tandem for the common purpose of Gibraltar’s continued economic success in the years ahead.
ENDS
Cookie | Duration | Description |
---|---|---|
cookielawinfo-checkbox-advertisement | 1 year | Set by the GDPR Cookie Consent plugin, this cookie is used to record the user consent for the cookies in the "Advertisement" category . |
cookielawinfo-checkbox-analytics | 11 months | This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics". |
cookielawinfo-checkbox-functional | 11 months | The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional". |
cookielawinfo-checkbox-necessary | 11 months | This cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary". |
cookielawinfo-checkbox-others | 11 months | This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other. |
cookielawinfo-checkbox-performance | 11 months | This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance". |
CookieLawInfoConsent | 1 year | Records the default button state of the corresponding category & the status of CCPA. It works only in coordination with the primary cookie. |
viewed_cookie_policy | 11 months | The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data. |
Cookie | Duration | Description |
---|---|---|
S | 1 hour | Used by Yahoo to provide ads, content or analytics. |
Cookie | Duration | Description |
---|---|---|
browser_id | 5 years | This cookie is used for identifying the visitor browser on re-visit to the website. |
iutk | 5 months 27 days | This cookie is used by Issuu analytic system to gather information regarding visitor activity on Issuu products. |
Cookie | Duration | Description |
---|---|---|
NID | 6 months | NID cookie, set by Google, is used for advertising purposes; to limit the number of times the user sees an ad, to mute unwanted ads, and to measure the effectiveness of ads. |
Cookie | Duration | Description |
---|---|---|
COMPASS | 1 hour | No description |