CM says major 'economic shock' incoming from Middle East war

The Chief Minister says an economic shock is around the corner, of the sort the world has not seen since the 1970s, due to the war in the Middle East.

Fabian Picardo was speaking at a GGCA event honouring Workers' Memorial Day and May Day.

Mr Picardo said there will be economic benefits from the treaty, but that these might be different to the benefits Gibraltar might have expected.

He said global turmoil was set to negatively affect areas such as tourism, saying there is already talk of airlines restricting the number of flights this summer.

Mr Picardo said the community and the public sector must be ready to protect the most vulnerable: those on benefits and those on the lowest pay.

And, he said, the best paid in the community have to understand that priority - calling for solidarity, and unity among the unions.

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Last year, a framework was agreed between the unions and the Government, towards negotiations for a multi-year pay settlement that would restore real-terms public sector pay.

Speaking to GBC today, the Chief Minister did not rule out the possibility that the timeframe for this could be affected.

Christina Cortes asked Fabian Picardo what he believes is in store economically for Gibraltar and the world.

The President of the GGCA said it was a matter of continuing to work together and keeping an eye on the situation.

Darren Cerisola highlighted the importance of unity.