uk government guarantees post brexit access gibraltar industry stakeholersby Joker 12.03.2018 0 comments
The UK government has provided some guidance for Gibraltar-based business stakeholders, with regards to Brexit impacts on the overseas territory.
As the UK government negotiates its withdrawal from the European Union, the Gibraltar financial services community (including the gambling sector), will be guaranteed access to UK markets until 2020.
Furthermore, UK policymakers will work with the Government of Gibraltar to develop a ‘replacement framework’, which will provide commercial and business directives beyond 2022.
“The UK has provided assurance that gambling operators based in Gibraltar will continue to access the UK market after we leave the EU in the same way they do now – and we are working towards an agreement of an MOU which will enable closer working and collaboration between gambling regulators in Gibraltar and the UK.”
“The UK is committed to work closely with the Government of Gibraltar towards transport arrangements post-EU Exit that support Gibraltar’s prosperity.”
In 2017, the European Court of Justice (CJEU) declared to the Gibraltar business community, that its access to the EU single market was soley secured through its attachment to the United Kingdom.
As a UK overseas territory, Gibraltar could not be exempted from the UK’s decision to leave the European Union.
The combination of low corporate taxes (1% cap) and Gibraltar’s full membership to the EU have seen the UK independent territory become the operational home to more than 30 online betting operators including; GVC, BetVictor, 888 Holdings and 32Red.
With over 5000 sector employees the online gambling industry remains Gibraltar’s largest employer (population 32,000).
During 2017, a number of UK licensed gambling operators stated that they would review their Gibraltar licensing arrangements, seeking to counter potential Brexit impacts