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The Minister for Trade and Industry says the increase in betting and gaming duty is "significant" - and is "not a good outcome" for the Rock.
Nigel Feetham told GBC this is essentially "a transfer of wealth to the UK from Gibraltar", although he did not put a figure to the potential monetary loss.
He said the Government will hold meetings with stakeholders to assess the impact.
Christina Cortes spoke to Mr Feetham, who is currently in London.