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Good times on Main Street for thriving Gibraltar



 
 
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  #1  
Old March 24th, 2009, 07:53 AM posted to rec.travel.europe
Ian Cognito
external usenet poster
 
Posts: 2
Default Good times on Main Street for thriving Gibraltar


Good times on Main Street for thriving Gibraltar

Spaniards flock to Rock for bargains created by strong euro and
falling pound

* Giles Tremlett in Gibraltar
* The Guardian, Tuesday 24 March 2009
* Article history

A line of Spanish cars snakes past the Union flag and helmeted
Gibraltarian bobbies at the frontier. But their owners are not here to
reclaim Spanish sovereignty over the rocky peninsula. They are here to
spend mighty euros on goods priced in cheap pounds.

As financial turmoil and recession sweep the world, this tiny, sun-
baked strip of land on Europe's southern coast is proving a miraculous
survivor thanks to a sinking pound and an economy that grows at a rate
comparable to that of China.

Many of those cars end up circling around the car park of the Rock's
largest supermarket, a local branch of Morrisons, as they fight to
grab one of the few empty spaces.

"We used to come here just to buy cheap alcohol and cigarettes," said
Jesús Martín, from the Spanish town of La Linea, just across the
frontier. "Now we buy everything."

Spanish shoppers cram the Morrisons aisles, looking suspiciously at
such quintessentially British foodstuffs as Marmite, baked beans and
hot-cross buns, but snapping up everything from cheap milk to rice.

"Things used to be cheaper in Spain, but not any longer," said Ana
Santos, who had come for nappies and groceries.

Articulated lorries arrive daily to fill the shelves at Morrisons with
goods brought direct from low-cost Britain.

"Last Christmas was a record for the store," said Edward Macquisten,
of Gibraltar's chamber of commerce. "Everyday staples are now more
expensive in Spain than they are in Gibraltar. That is unheard of.
People come just to visit Morrisons."

Along Main Street, Spaniards are extending their British shopping
experience to the local branches of stores such as Marks & Spencer,
Bhs and Mothercare. Underwear, babygrows and make-up are all taken
back into Spain.

Spaniards are not the only ones flooding across the border. British
expatriates, some struggling to cope with the plunging value of their
pensions against the euro, are coming from miles away to shop. Some
drive for more than an hour from Málaga.

"We used to do our weekly shop at a Spanish supermarket but now we
come here," said Ray Emerson, who lives in nearby Sotogrande. "It's
just as cheap, if not cheaper."

Even Gibraltarians are spending more on the Rock. "We used to go over
to Spain every Friday night for a Chinese and a drink," said health
worker Sukh Khaira. "Now we stay here to go out."

Gibraltar's escape from the worst of the global downturn even extends
to property. Sleek new high-rise apartment blocks line the harbour.
Estate agent Louis Montegriffo said that, overall, prices were still
rising slightly. Demand from rich foreigners seeking a safe harbour by
taking up Gibraltar's offer of residency for "high net-worth
individuals" is on the up.

"We actually saw an increase in the numbers looking at the beginning
of the year," he said.

Over the past few years Gibraltar's economy has grown at up to 12%,
more than doubling in size over a decade. Financial services, low
taxes and a niche in online gambling have transformed an economy that,
a quarter of a century ago, was more than 60% dependent on the
Ministry of Defence.

"If we were a sovereign state we would be 13th in the world in GDP per
capita," said the chief minister, Peter Caruana. That would put it
above Canada or Switzerland. Growth will slow with the global
recession, he said, but will not stop.

The future looks relatively bright. The European court of first
instance ruled in December that Gibraltar could set its own tax rates.
Corporate tax is expected to tumble, attracting more business.

With offshore havens now on the global political hate list, however,
Gibraltar may find itself under intense political scrutiny.

Marcus Killick, head of Gibraltar's financial services commission,
said the Rock's status as part of the EU placed it at the bottom of
any list of offshore centres that might be targeted by politicians.
Gibraltar has neither the banking secrecy of Switzerland or Andorra
nor the non-EU status of the Channel Islands or the Isle of Man. "We
are required to comply with EU directives," he said.

At his Image store selling souvenirs, cameras and cheap watches,
Suresh Manji was not so sure about the future. "Things are down on
last year. There are fewer tourists and local people are buying less,"
he said.

The tourist season has not started yet, but the 7 million visitors who
cross the frontier every year are key to prosperity.

"That will slow down this year," Macquisten said. "There will be fewer
British visitors to the costas and it follows that you will get fewer
here."

Tim, an expatriate shopper from Marbella, 40 miles away, said: "You
already see fewer people visiting their houses in Spain. I've got
neighbours who normally come for public holidays. This year we haven't
seen them."

Many Gibraltarians, however, will be praying the pound stays weak as
they continue to roam the aisles in Morrisons.
Rocky road

1704 Captured from Spain by Anglo-Dutch force

1713 Sovereignty handed to Britain in Treaty of Utrecht

1940 Britain evacuates civilian population during second
world war

1967 Gibraltarians vote by 12,138 to 44 to stay British rather than
become Spanish

1969 Spanish dictator Francisco Franco closes land border

1982 Land border reopened to pedestrians

1985 Border fully opened

2002 Joint British-Spanish sovereignty rejected at referendum

2006 New constitution for the British overseas territory

2008 European court rules Gibraltar can set tax rates
  #2  
Old March 24th, 2009, 09:51 PM posted to rec.travel.europe
Runge14[_2_]
external usenet poster
 
Posts: 171
Default Thriving viruses by michaelnewport


"Ian Cognito" a écrit dans le message de
...

Good times on Main Street for thriving Gibraltar

Spaniards flock to Rock for bargains created by strong euro and
falling pound

* Giles Tremlett in Gibraltar
* The Guardian, Tuesday 24 March 2009
* Article history

A line of Spanish cars snakes past the Union flag and helmeted
Gibraltarian bobbies at the frontier. But their owners are not here to
reclaim Spanish sovereignty over the rocky peninsula. They are here to
spend mighty euros on goods priced in cheap pounds.

As financial turmoil and recession sweep the world, this tiny, sun-
baked strip of land on Europe's southern coast is proving a miraculous
survivor thanks to a sinking pound and an economy that grows at a rate
comparable to that of China.

Many of those cars end up circling around the car park of the Rock's
largest supermarket, a local branch of Morrisons, as they fight to
grab one of the few empty spaces.

"We used to come here just to buy cheap alcohol and cigarettes," said
Jesús Martín, from the Spanish town of La Linea, just across the
frontier. "Now we buy everything."

Spanish shoppers cram the Morrisons aisles, looking suspiciously at
such quintessentially British foodstuffs as Marmite, baked beans and
hot-cross buns, but snapping up everything from cheap milk to rice.

"Things used to be cheaper in Spain, but not any longer," said Ana
Santos, who had come for nappies and groceries.

Articulated lorries arrive daily to fill the shelves at Morrisons with
goods brought direct from low-cost Britain.

"Last Christmas was a record for the store," said Edward Macquisten,
of Gibraltar's chamber of commerce. "Everyday staples are now more
expensive in Spain than they are in Gibraltar. That is unheard of.
People come just to visit Morrisons."

Along Main Street, Spaniards are extending their British shopping
experience to the local branches of stores such as Marks & Spencer,
Bhs and Mothercare. Underwear, babygrows and make-up are all taken
back into Spain.

Spaniards are not the only ones flooding across the border. British
expatriates, some struggling to cope with the plunging value of their
pensions against the euro, are coming from miles away to shop. Some
drive for more than an hour from Málaga.

"We used to do our weekly shop at a Spanish supermarket but now we
come here," said Ray Emerson, who lives in nearby Sotogrande. "It's
just as cheap, if not cheaper."

Even Gibraltarians are spending more on the Rock. "We used to go over
to Spain every Friday night for a Chinese and a drink," said health
worker Sukh Khaira. "Now we stay here to go out."

Gibraltar's escape from the worst of the global downturn even extends
to property. Sleek new high-rise apartment blocks line the harbour.
Estate agent Louis Montegriffo said that, overall, prices were still
rising slightly. Demand from rich foreigners seeking a safe harbour by
taking up Gibraltar's offer of residency for "high net-worth
individuals" is on the up.

"We actually saw an increase in the numbers looking at the beginning
of the year," he said.

Over the past few years Gibraltar's economy has grown at up to 12%,
more than doubling in size over a decade. Financial services, low
taxes and a niche in online gambling have transformed an economy that,
a quarter of a century ago, was more than 60% dependent on the
Ministry of Defence.

"If we were a sovereign state we would be 13th in the world in GDP per
capita," said the chief minister, Peter Caruana. That would put it
above Canada or Switzerland. Growth will slow with the global
recession, he said, but will not stop.

The future looks relatively bright. The European court of first
instance ruled in December that Gibraltar could set its own tax rates.
Corporate tax is expected to tumble, attracting more business.

With offshore havens now on the global political hate list, however,
Gibraltar may find itself under intense political scrutiny.

Marcus Killick, head of Gibraltar's financial services commission,
said the Rock's status as part of the EU placed it at the bottom of
any list of offshore centres that might be targeted by politicians.
Gibraltar has neither the banking secrecy of Switzerland or Andorra
nor the non-EU status of the Channel Islands or the Isle of Man. "We
are required to comply with EU directives," he said.

At his Image store selling souvenirs, cameras and cheap watches,
Suresh Manji was not so sure about the future. "Things are down on
last year. There are fewer tourists and local people are buying less,"
he said.

The tourist season has not started yet, but the 7 million visitors who
cross the frontier every year are key to prosperity.

"That will slow down this year," Macquisten said. "There will be fewer
British visitors to the costas and it follows that you will get fewer
here."

Tim, an expatriate shopper from Marbella, 40 miles away, said: "You
already see fewer people visiting their houses in Spain. I've got
neighbours who normally come for public holidays. This year we haven't
seen them."

Many Gibraltarians, however, will be praying the pound stays weak as
they continue to roam the aisles in Morrisons.
Rocky road

1704 Captured from Spain by Anglo-Dutch force

1713 Sovereignty handed to Britain in Treaty of Utrecht

1940 Britain evacuates civilian population during second
world war

1967 Gibraltarians vote by 12,138 to 44 to stay British rather than
become Spanish

1969 Spanish dictator Francisco Franco closes land border

1982 Land border reopened to pedestrians

1985 Border fully opened

2002 Joint British-Spanish sovereignty rejected at referendum

2006 New constitution for the British overseas territory

2008 European court rules Gibraltar can set tax rates

 




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