Together Gibraltar has issued a statement expressing their concerns following the UK's decision to increase tax on online gambling companies.

A statement from Together Gibraltar follows below:

Like other parties, we are deeply concerned by the UK Government's decision to double remote gambling duty and its inevitable impact on Gibraltar's economy. Equally troubling however, is the lack of proactive support from our own Government to diversify Gibraltar's economy in anticipation of these known risks. 

Gibraltar's economy is entering uncharted territory. While many of us were hoping that the UK Budget would encourage high-net-worth relocations, it has left wealth taxes largely untouched while dramatically increasing the pressure on Gibraltar's largest revenue-generating sector. At the same time, our forthcoming treaty with the EU will fundamentally reshape how Gibraltar operates, bringing tremendous opportunities but also intensifying competition as EU companies operate freely in Gibraltar. 

If our gaming sector contracts and our retail sector declines, many jobs will be put at risk, with nothing to replace them. Gibraltar's narrow budget surpluses will quickly turn to deficits, requiring cuts to our schools, healthcare and benefits such as mortgage allowances and pensions. 

As Together Gibraltar have have long argued, we cannot put our economy in the hands of forces outside our control. We must build our competitive edge on what we can control: world-class regulation, local skills, and a business environment that makes Gibraltar a great place to invest long-term. 

We urge the Government to immediately convene comprehensive discussions with affected industries, not as a photo-taking opportunity, but as genuine consultations that produce concrete action plans and changes. Gibraltar's selling point has always been our agility and we must use it now to implement a comprehensive economic diversification strategy that promotes our existing sectors, and builds new ones alongside them. 

For our financial services and gaming sectors, our regulators must be empowered to maintain Gibraltar's world-class reputation while giving businesses the agility to innovate and the incentive to

keep investing here. This means considering how we can expand our regulatory expertise to new industries such as FinTech, AI, LegalTech, Green Finance and Maritime Services. 

At the same time, we must invest in promoting local events, businesses and experiences. Tourism is one industry we actually control. We should be building a sector that keeps money circulating in Gibraltar by creating experiences people value, ensuring visitors stay longer and spend more in our community. 

For all businesses, we need to eliminate unnecessary bureaucracy such as the separation of business licensing and company registration. Small businesses are struggling with the costs of operating in Gibraltar. We should be looking at business rate relief for independent retailers, grants for storefront improvements, and simpler access to commercial credit. At Together Gibraltar we advocate for a Land Value Tax to prevent speculation and empty lots. This would allow us to lower costs for retailers and service providers carrying out legitimate business. 

Gibraltar needs to move away from an economy built on importing workers at minimum wage to fill low-skilled positions. Instead, we should create well-paid career opportunities that allow local people to stay and thrive here rather than looking for opportunities abroad. We should position ourselves as a hub for digital nomads and skilled professionals. Our cross-border and foreign workers in key sectors contribute enormously to Gibraltar's success, and we need to ensure they have the support and incentives to build their lives here long-term rather than seeing Gibraltar as a temporary stepping stone. 

Gibraltar's success has always come from our ability to adapt and innovate. We have the talent, the expertise, and the potential to build an even stronger, more diversified economy. What we need now is leadership that matches the scale of the challenge we face.