Gibraltar’s continued access to the UK market for financial services will require “mutual confidence in regulatory and supervisory” frameworks, a treasury minister told the House of Commons last week.
Responding to a question from Labour MP Stephen Timms, Stephen Barclay, the Economic Secretary to the Treasury, said the UK Government would preserve financial services market access for Gibraltar into the UK after Brexit.
Mr Barclay said the UK and Gibraltar Governments were in ongoing discussions as to how Gibraltar will meet UK standards of regulation in order to allow the Rock’s financial sector to maintain its access to the UK post Brexit.
“The Chief Minister of Gibraltar has confirmed that Gibraltar will meet UK standards of regulation, supervision and enforcement consistent with global standards which will allow its important financial sector to maintain its access to the UK,” he said.
“The UK Government and the Government of Gibraltar are in ongoing discussions on how to achieve this, looking first at insurance where cross-border trade is most significant.”
In an unrelated debate on data protection and Brexit, long-time friend of Gibraltar and Chairman of the All Party Parliamentary group for Gibraltar, Bob Neill, relayed to the Commons Gibraltar’s position on this issue.
“The two key messages that one gets on this topic from Gibraltarians across the political spectrum and from all parts of Gibraltarian society are, first, that they do not want to be left behind in any arrangements that the UK makes with the EU27—they do not want to be collateral damage in any sense—and they want to maintain the arrangements and access that we have,” he told MPs.
“Secondly, they want above all to maintain the closest possible friction-free trading arrangements with the UK, where a great deal of their service business is already conducted.”
“Getting that right is terribly important for Gibraltar.”
“It is a small economy with little other resilience, and it really needs our support in getting the data issues right to protect what is a very successful story for the British family.”