Minister Arias Vasquez Addresses Gibraltar Day in London Financial Services Lunch 670/2024

Minister Arias-Vasquez Addresses Gibraltar Day in London Financial Services Lunch

The Hon Gemma Arias-Vasquez MP has today addressed the Gibraltar Day in London Financial Services Lunch on behalf of the Hon Chief Minister, Fabian Picardo KC MP.

The Hon Gemma Arias-Vasquez MP delivers THE CHIEF MINISTER'S ADDRESS

Monday 14th October 2024

Your Excellency, Ladies and Gentlemen, Distinguished Guests,

Good afternoon.

It is an honour to address you on behalf of the Chief Minister, Fabian Picardo, who unfortunately cannot join us today for this lunch as he continues to be heavily involved in discussions on matters related to the UK / EU Treaty

He expects to be in London by this evening.

He, of course sends his warmest regards to all of you here who are the staunches friends, clients and supporters of financial services on the Rock.

I'm delighted to be here today at Mansion House.

It's always a pleasure to be back in the City.

I used to work just up the road, in Bunhill Row, and walk past this building and its

breathtaking surroundings every single day.

It's a little different from our usual venue at the Guildhall, but a lady called Rachel Reeves pulled rank on us!

This venue is just as impressive and a reminder of the importance of our relationship with the City of London and in particular the importance of this relationship to our financial services business in Gibraltar.

I became Minister for Business a year and a day ago.

Nigel became Minister for Financial Services a year and a day ago.

So I want to start today, on behalf of the Chief Minister, by saying a special thank you to Albert Isola, who was Minister for Financial Services until a year and a day ago.

A thank you from Fabian for the dedication, effort and magnificent performance he delivered as a Minister in that portfolio.

And a special thank also for his kind introduction today.

Nigel, of course, has hit the ground running, and I know his passion for the financial services sector will help continue to drive it forward as an area of growth in Gibraltar.

Specialist knowledge of the sector is a huge advantage especially as we continue to navigate the implementation of Gibraltar Authorisation Regime that creates that UNIQUE SELLING POINT which is the single market in services between Gibraltar and the United Kingdom

And today is about celebrating and enhancing that relationship.

And it is about thanking you all for your continued trust and confidence in our professional services and the investment you make IN and FROM Gibraltar.

Like every jurisdiction, the past few years have really tested our resilience.

From dealing with the challenges and, yes, consequences of the United Kingdom's decision to leave the European Union to a global pandemic, Gibraltar has faced its fair share of challenges.

And yet, these very challenges have served to reinforce what is unarguably our greatest strength - the depth and breadth of our relationship with the United Kingdom.

The bond between Gibraltar and the UK is NOT just a political partnership.

It is a relationship of shared values and mutual support.

A relationship NOT just of geo strategic significance.

But also of commercial resilience and of deep importance to consumers in the United Kingdom.

It is also a source of mutual pride that an Overseas Territory can be held up as a benchmark of regulatory excellence.

And if that were not enough, an example even to many EU countries of corporate transparency.

A demonstration that our decision to be a place where money cannot be hidden, has attracted better business that flocks to a place of the highest standards.

Because Gibraltar has led the way in establishing higher standards of regulation in

the online gaming world and in the regulation of financial services.

In doing so, what Fabian, Albert and Nigel and have shown is that our GDP has almost tripled in just over a decade, despite the pandemic.

Our GDP per capita is now the second highest in the world.

And if that is too remote to be relevant to our people's lives, let me tell you that in real lives we have made huge change too.

By going HIGH in standards of transparency and regulatory oversight we have taken registered unemployment in Gibraltar from 500 to…

TWENTY-TWO.

NOT 22%.

I mean TWENTY-TWO PEOPLE.

TWENTY-TWO INDIVIDUALS.

And that is a product of a our partnership with the UK that is stronger than ever.

We work closely together in placing all of our students at universities with close to 90% of all students in each year group graduating from a UK university with a fully funded scholarship and maintenance grant.

So we have available for you the best qualified work force in Europe, if not the world.

We work closely with the Gambling Commission and DCMS to promote and implement the WORLDS BEST standards in online gaming.

Not just high standards.

The WORLD BEST standards.

And of course, as Nigel has mentioned, we are immensely proud of our unique and privileged market access under the Gibraltar Authorisation Regime (GAR) to the United Kingdom financial services market.

Because that single market regime between us isn't just about regulatory alignment.

It's a vote of confidence in our jurisdiction,

In our financial services industry,

In our legislation, in our Regulator,

And in our people.

Not least in the work done by Fabian and Albert in the last decade and the probity and stability that our political system represents.

And we're doing our bit for UK too.

Our gaming firms contribute nearly half a billion pounds to the UK Treasury each year through the point of consumption tax alone.

Because Gaming companies in Gibraltar do not evade or avoid UK taxes.

Gaming companies in Gibraltar COLLECT UK TAXES for the UK Exchequer.

Minister Feetham was absolutely right when he said last year that we are a significant part of the UK's economic landscape and he has reinforced that message today.

As Minister for Business, my role is to ensure Gibraltar remains a highly attractive and competitive place to do business.

I know that I am biased, but I believe our financial services industry, our online gaming industry and our regulated crypto environment represents the best of what Gibraltar has to offer.

And our offer is the best in the world in each of those areas,

A jurisdiction built on international standards, robust regulation, integrity, innovation, and opportunity.

With the skilled work force to match it.

There are few Jurisdictions where the Regulator has an open-door policy where they welcome interaction and engagement with firms, not just in the authorisation process, but in their ongoing business.

With a skilled workforce and a collaborative approach between Government, industry and the regulator, we continue to position Gibraltar as the ideal place to do business.

So I am not here JUST to tell you that we are OPEN FOR BUSINESS.

I am here to tell you that our coordinated approach enables us to attract quality business to our shores.

And that if you are not in Gibraltar already, you should be.

And if you spend a little time getting to know us, you soon will be.

Our financial services sector has much to celebrate.

Some of our success stories, like our leading position in UK motor insurance, are well known.

But we are also seeing strong growth in areas like pet insurance and travel insurance, with Gibraltar writing around 20% and 30% of the UK market in these areas, respectively.

And that drives better choice and better pricing for consumers, whilst not depriving the UK exchequer of the sums due on premiums taken.

This diversification shows that Gibraltar is about more than just a single sector.

Because the more that Gibraltar is understood, the more that others will want to do

from our Rock.

But of course, a significant focus remains on our future relationship with the

European Union.

We remain optimistic that there will soon be a successful conclusion to those

negotiations that benefits both Gibraltar and the wider region around us.
As the Chief Minister reported to the United Nations a week ago today in New York "the ball is in Spain's court" and Gibraltar and the UK negotiating teams have proposed "a balanced, imaginative and sovereignty neutral solution" to the few remaining issues.

We all know and understand the importance of these negotiations to your industries, and I can assure you, we will not relent.

However, let me also assure you, that as we must, we are preparing for all

outcomes so that your business and new business will be able to continue to operate and come to Gibraltar whatever the outcome of Treaty talks.

And before I conclude, I cannot be here, at a Financial Services Lunch, hosted by the Government of Gibraltar, without noting our whitelisting by the FATF earlier this year.

The President of the FATF acknowledged that Gibraltar made "significant progress" and completed its action plan, leading to our removal from the Grey List.

This whitelisting, in my view, not only reaffirms Gibraltar's standing as a responsible and transparent financial centre but also showcases our dedication to upholding the very best global practices.

It is right that Nigel and I should praise Albert for the work he led in this area.

We work now to maintain those standards and deliver continued, unquestionable maintenance of Gibraltar on the world's whitelist.
It is where we belong and it is where we will stay.

Because Gibraltar's story is one of resilience, adaptability and growth.

It is a story we have written together, and one that we will continue to write as we move forward.

I am confident that the opportunities for Gibraltar are greater than ever, and as Minister for Business, I look forward to working closely with all of you to build on our success, explore new avenues, and ensure Gibraltar remains a first-class place to do business.

Your business will do better if it is also in Gibraltar.

Gibraltar will do better if your business in also in Gibraltar.

So lets make it our business to make those synergies work.

Our doors are open to you all as we seek to work with you and learn from you as to what more we can do to expand our commercial horizons and make ourselves even more attractive to you.

We look forward to continuing our work with the new Labour Government as we have in the past decade with the Conservative administration.

We will uphold our shared values and mutual interests, continuing to strengthen and

build on the robust and unbreakable partnership that we enjoy.

Thank you very much and I hope you enjoy the rest of Gibraltar Day in London!I will now hand you over to Lord Collins of Highbury, who has very kindly agreed to be here with us today on behalf of the UK Government.

ENDS

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