Advocacy
News
Power Cut Fallout
The GFSB has reacted to this week’s headline-making power cut that affected members across all sectors. Speaking to The Gibraltar Chronicle, Owen Smith, Chairman of the Gibraltar Federation of Small Businesses, said that power cuts have “a huge impact” on businesses, particularly small ones where not everyone can afford a generator.
He noted that while many businesses had installed UPS systems to save work and shut down computers safely, not all were able to do so. “A lot of this is about lost product and lost customers. Members could not take payments. With two cruise ships in town and the airport shutdown and a flight diverted, it’s also a terrible image for the Rock. So the impact is very difficult to quantify but would likely run into hundreds of thousands of pounds,” he said.
Mr Smith welcomed the Government’s commitment to toughening legislation to sanction contractors who fail to take appropriate steps to avoid damage, but stressed this was only part of the solution. “The other part is to have a robust power grid, and that should be a matter of priority,” he added, welcoming in that context the Government’s £16.5m investment in a Battery Energy Storage System at the power station, which would provide energy resilience in the event of a power cut.
Was your business affected? The GFSB is taking action, contact gfsb@gfsb.gi
SHARE THIS
OTHER NEWS
Brexit
News
Treaty
Results Are In! Treaty Impact GFSB Members Flash Survey
The GFSB has conducted a flash survey of its members concerning their experiences during the first two weeks of the new Treaty arrangements.
The Office of Fair Trading's latest Annual Report reveals record numbers of businesses, plans to simplify licensing through a new Business Act and fewer consumer complaints. GFSB's Business Support Manager, Kim Chang, breaks down what the proposed reforms, increased digital services and stronger enforcement could mean for businesses, and why the GFSB's role in shaping policy has been recognised.
News
Thrive
What a Year!
What a year it's been! From the Treaty moving from negotiation to reality to AI, workplace pensions, business confidence and everything in between, this year's Thrive EDIT has helped members navigate one of the busiest periods in Gibraltar's recent history. Before we take a short summer break, Editor David Revagliatte looks back at the stories that shaped the year and thanks readers for joining us on the journey.
Could Gibraltar be missing a golden opportunity? GFSB Board Director Brian Ross believes the answer is yes. In this thought-provoking opinion piece, he argues that Gibraltar should consider a residency route for financially self-sufficient individuals, attracting experienced people with the wealth, expertise and international networks to strengthen our economy. Could this be the next step in keeping Gibraltar competitive?
Education
Growing Beyond the Owner
For many SMEs, the success of the business has been built on the expertise, relationships and commitment of its owner. This entrepreneurial approach has been instrumental in the growth of many of Gibraltar's successful businesses. However, as organisations develop, dependence on a single individual can become a strategic risk.