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11th June 2019, 18:21

Sir Joe says Gibraltar needs a new economic profile while again delivering a 'health warning'

Sir Joe Bossano has again warned if increases in the cost of running the Government continue, increases in revenue will not be able to match these. Delivering his Budget speech as Minister for Economic Development on his 80th birthday, he said Gibraltar needs a new economic profile that will provide greater security of income, and it needs to become more efficient.

He said he was again delivering a “health warning”, but acknowledged that “as a general rule people do not take heed of things they do not want to hear”. 

Sir Joe said the high number of cross-frontier workers in the Gibraltar economy distorts our GDP per capita calculation, creating a sense of entitlement among some locally who want a share of the money they think is there but does not exist. He said he was astonished there are people who appear to think Gibraltar is immune to anything happening elsewhere.

He said the GSD view of parliamentary accountability is that when in government they could do what they liked and be accountable to no one, but when in opposition they expect to have the level of information they had in government but never provided to anyone else. He said as socialists the GSLP-Liberal government believes in public ownership of companies that engage in commercial activities, and that such companies have to be allowed to conduct their affairs under the rules that apply in the market.

The veteran politician finished off by saying environmental sustainability goes should go hand in hand with economic sustainability. He said the world’s environmental problem is not CO2 but “compulsive consumption disorder”.He warned globalisation is turning this disorder into a worldwide epidemic that is killing the planet.