The GFSB has noted the recent announcement of a 5% increase in the minimum and maximum social insurance contributions payable by employers, employees and self-employed individuals.

The Government's latest Index Retail numbers make for interesting reading. They show the cost of living continued its upward trend, with the Retail Price Index (RPI) rising to 193.01 on 1 January 2025, up from 192.06 just three months earlier. This represents an increase of 0.5% over the quarter and an increase of 2.4% over the year.

Amidst so much London Day coverage, one could have missed this week’s Retail Price Index figures. The Government of Gibraltar’s latest numbers show a 2.3% price increase from April to July 2024 and a 2.6% year-on-year rise, highlighting inflationary pressures. Notable rises in categories such as Transport, Alcohol, and Housing. GFSB members should be aware of potential cost pressures, particularly in the transport and goods sectors.

GFSB Board Member Seth Galia, alongside Chairperson Owen Smith, represented the GFSB at the Gibraltar Day events in London. The event highlighted Gibraltar’s growing influence in sectors like motor insurance and digital assets.