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30th June 2022, 16:19

True size of gross debt is almost £1.8 billion, claims Shadow Spokesperson for Public Finance

The true size of gross debt is close to £1.8 billion, according to estimates by the Shadow Spokesperson for Public Finance.

In his Budget speech, Roy Clinton pointed out that of this, only £350 million can be said to be attributable to the COVID response, and accused the Government of having buried Gibraltar under a mountain of debt it should be ashamed of.

Of the 2% tax increase, Mr Clinton questions why the £56m in the Rainy Day Fund was not used rather than taxing workers.

He said the economy was on a knife edge with unsustainable spending and an unbalanced budget: A "pickpocket budget" which the GSD cannot support.