The GFSB says it welcomes the announcement that an update on the current state of Gibraltar’s Brexit negotiations will be given to parliament on Monday 16th May.

A statement continued: "We look forward to clarification on some of the big issues for business on Monday including, whether or not businesses can expect to have to deal with VAT or an equivalent tax as part of the agreement.

"Without doubt, the lengthy and ongoing negotiating process is causing a great deal of uncertainty for business and it is paramount that Gibraltar's future relationship with the EU is concluded as soon as possible."