Post-Brexit UK financial markets ‘offer’ for Gibraltar


The UK is to tender Gibraltar continued barrier-free access to finance markets after Brexit, the BBC perceives.

The UK is negotiating for Gibraltar to be treated the same as Britain when it leaves the EU in Slog 2019.

But the EU insists Madrid can stop a transitional deal or future trade relationship sticking to Gibraltar unless there is a Spain-UK agreement.

Gibraltar fears Spain could use this disallow to force talks about the Rock’s constitutional future.

At the very smidgen, it fears there could be talks about closer cooperation with Spain.

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If Britain refused, then Gibraltar could fall out of the EU next Walk without a transitional deal and lose its access to the British financial demands.

Ministers are to give the commitment to financial market access at a meeting in London of the suspect Joint Ministerial Council with the Gibraltar government.

Gibraltar is contemplating to get some formal reassurance that it will retain access relate to what may.

This matters not just because most of its financial sell is with the UK but also because its insurance sector is important to Britain.

The Gibraltar control says that one in five British drivers insure their heaps with firms based in Gibraltar. For insurers to offer annual game plans with certainty, they need some kind of reassurance previous the end of this month.

The Lib Dem leader, Sir Vince Cable, told the BBC Theresa May should score rejecting Spain’s veto a red line in her negotiations.

The prime minister, he weighted, had ignored the people of Gibraltar and taken her eye off a key national interest.

He said: “If the authority is going to take a tough line on Brexit in these negotiations, this is one of the implements they should be tough about.

“Currently they have been most, very weak and created an enormous sense of anxiety and insecurity”.

He amplified: “It is an issue of fundamental principle. Gibraltar has been attached to the UK for two centuries.

“We be undergoing seen off repeated demands by Spain to have control over the Tor. We should not allow Brexit to be used as a cloak for giving away what is a sound British commitment.”

Micro state solution?

A UK government spokesmansaid: “The EU’s guidelines are a context for the EU and the other member states.

“The prime minister has said that as we past these matters we will be negotiating to ensure that the relationships are there for Gibraltar as source.

“We are not going to exclude Gibraltar from our negotiations for either the implementation term or the future agreement.”

Former Labour Europe minister Lord Hain mentioned that one solution to any co-sovereignty suggestions could be turning Gibraltar into a “micro status” like Andorra, the Vatican City and San Marino.

But Gibraltar’s Chief Agent Fabian Picardo said this was not an option and insisted sovereignty could not be bartered away.

“We’re pure linked to the UK, we see the world through British eyes and we don’t want to change that,” he know scolded BBC Radio 4’s Today programme.

“But at the same time, we believe we should be pleasant more closely with Spain. I think we can create, even consideration Brexit, a rainbow of opportunities for people who live in the bay of Gibraltar and the wealth that Gibraltar imagines.”

Negotiation plea

Samantha Barrassa, who runs the Gibraltar Financial Advantages Commission insisted the UK market “is important” to the financial services sector in Gibraltar, with aids companies employing thousands of people in the UK.

But former Spanish EU minister Diego Lopez Garrido thought it was “unacceptable that Britain says ‘no matter about Gibraltar – task as usual. Nothing to talk (about).'”

“The British government should handle with the Spanish government about Gibraltar.”

And Charles Powell, from the Elcano Noblewoman Institute think-tank, said Britain now has to accept the European Commission force be on Spain’s side in the future because it is an EU member, while the UK will not be, post-Brexit.

He state the Spanish public “cannot understand this obsession with Gibraltar and this total lack of regard about the Brits who live in Spain and the consequences Brexit will participate in on them”.

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