Chamber welcomes prudent 2012 budget measures that assists business, urges caution on rising recurrent spending

23 July 2012 Following a meeting of the board of the Gibraltar Chamber of Commerce and having consulted with a number of members across a variety of sectors, the Chamber has now formulated its full response to the first budget of the new government. Macro Outlook Against a background of austerity and tax increases in many parts of Europe and indeed the world, it is somewhat gratifying that the new administration has been able to deliver a number cost freezes and duty reductions. These measures are welcome and should help local companies to manage with the downturn in business activity which...

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Chamber and Unite reach wage accord for retail and distributive trades

The Gibraltar Chamber of Commerce and Unite, the Union have reached an agreement on recommended increases in wages for workers in the Retail and Distributive Trades. In the last 12 months traders in these sectors have had to deal with a significant increase in business costs and they have also continued to feel the effects of the economic slowdown elsewhere. With this in mind both parties realise the need for prudence in regard to wage increases. Workers earning the minimum wage In January this year the government increased the statutory minimum wage to £5.40 an hour. Workers in these...

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Chamber welcomes 2011 Budget measures

The Chamber of Commerce welcomes the 2011 Budget as presented in the House of Assembly on Monday 4th July 2011. The Budget is positive in a number of areas of interest to members. As had been widely expected, the measures include another round of decreases in personal taxation, which extends to all taxpayers.  This is of clear benefit to all Gibraltar and is to be welcomed.  Any reduction in taxation also has a dampening effect on gross wage demands, which is positive for business. The Chamber also welcomes the reversion of the discount back up to 20% for on-time payment of rates for the...

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Chamber welcomes new easyJet route

The Gibraltar Chamber of Commerce welcomes the announcement by easyJet that it will add Liverpool as a new destination to and from Gibraltar from March 2011. Gibraltar has long-established links with the north-west of England and the addition of this new route at the start of the busy summer season will give both families and business people even more choice. It will also increase the utilisation of the new air terminal which is due to open before next summer. Chamber President Nicholas Russo commenting on the announcement said: “Most of the news currently is about cuts and retrenchment...

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Gibraltar Customs checks at the frontier inadequate – Chamber survey

The Chamber of Commerce has published the top line results of a recent survey into Gibraltar Customs checks on private vehicles entering Gibraltar. The survey was conducted at specific times over three days in early November and was aimed at recording how many cars entering the green channel were challenged by Customs on whether they had goods to declare. The findings confirm two things in particular: that despite the economic downturn and the continued weakness of sterling against the euro, many locals continue to shop in Spain as is their choice and their right. This consolidates the...

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2010 Chamber’s Budget response

Business community says: Enough is enough! In a robust response to the budget, the Chamber has received a number of calls from concerned members about the number of sudden cost increases announced by the government. These increases, several of which are many times the current rate of inflation, come without warning or consultation and at a time when business in virtually all sectors is slowing down. In its 2008 budget statement the government said, “it is the policy of the government that the funding of the social insurance scheme should at least keep up its inflation adjusted...

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