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Oct 30 - Feetham Hits Back at High Government Spending

gsdFollowing accusations made by the Chief Minister that the Leader of the Opposition is lying, the GSD has hit back at the administration by claiming once again that Net debt is at its highest, reaching £354 million.

Mr. Feetham added that ‘Gross Debt stands at £450 million and the Government is using savers' money in the form of £430 million invested by the Gibraltar Savings Bank and the Government in Credit Finance Company Limited which, at some point, will need to be repaid to savers. That is a huge amount of debt taking into account the size of our economy.’

In a statement released today, Opposition Leader Daniel Feetham went on to note that there is an obvious lack of inward investment, also arguing that providing businesses with loans of over £30 million to invest in Gibraltar (Sunborn), is not an appropriate or sustainable business model.

He added that the FSC Annual Report 2014 suggests that the economy is not performing ‘the way the Government tries to portray it’ with the number of licences surrendered higher than the number of licences granted. ‘This also comes at a time when the banking sector in Gibraltar has been contracting and the smaller players in the local insurance industry facing Solvency 2 threat upon implementation of the relevant Directive in the future.’