The UK Government has tabled regulations to ensure a continuation of financial services passporting rights between the UK and Gibraltar. Gibraltar-based financial services firms will continue to have access to UK markets in the event of a no-deal Brexit.
There was embarrassment when Gibraltar airport closed shortly after the Territory announced a major PR campaign in London entitled ‘Gibraltar is open for business.’ All flights to and from Gibraltar were diverted or cancelled for a day after air traffic control was closed due to staff sickness. Two inbound flights from Gatwick were diverted to Malaga, while the service linking the Rock to Casablanca via Tangier was cancelled. The company that runs air traffic control in Gibraltar under contract to the Ministry of Defence apologised for the disruption but the Government acknowledged that the closure had been harmful to Gibraltar’s reputation, especially during a period of Brexit uncertainty.
In a reflection of the changes in the banking industry rather than Brexit, Leeds Building Society is closing its Main Street branch which it opened in 2002. The Society will continue to support existing mortgage customers from the UK until they refinance but savers will need to make alternative arrangements.
The Governor of Gibraltar accepted Chief...