Gibraltar Braced for Brexit With U.K. Help, Finance Chief Says

Gibraltar's Isola: U.K. More Important Than EU Access

Gibraltar’s financial-services minister, Albert Isola, said he hopes the British territory’s economic relationship with Spain won’t be changed by Brexit, but its most important ties are still with the U.K.

“There is a modern democracy in Spain and we should be able to have a normal relationship,” Isola said in a Bloomberg Television interview from Geneva on Tuesday. “There should be no change. Spain has borders with Morocco with its two enclaves and those are open and fluid.”

The British territory of 33,000 on the southern tip of Europe is facing an uncertain future after the U.K. leaves the bloc, with its economy dependent on about 12,000 workers who travel across the border each day from Spain. Spanish Foreign Minister Jose Manuel Garcia-Margallo said last week he aims to win joint sovereignty over Gibraltar as part of the Brexit negotiations, while the U.K. government may be ready to give up access to the EU single market to ensure it can control immigration.

“The controls that the U.K. wants, they are serious about,” Isola said. The key for Gibraltar is “U.K. market access, which we know we’ll be able to continue with, so that’s important for us,” he added.

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