Picardo announces "final mile" of UK/EU treaty as he enters final year in office

Zoom

Chief Minister unveils Sovereign Wealth Fund and confirms 2026 will be his last full year as Gibraltar's leader

SUR in English

Thursday, 8 January 2026, 11:16

Chief Minister Fabian Picardo has confirmed that negotiations on the UK/EU Treaty have concluded, describing the upcoming ratification and implementation phase as the "final mile" of his work for Gibraltar, during his annual New Year address broadcast on GBC.

In a wide-ranging speech reflecting on his tenure across four administrations, Picardo revealed that 2026 marks the beginning of his last full year in office, stating his intention to complete his current mandate and secure Gibraltar's political and economic future before handing over leadership to a successor.

The Chief Minister announced the establishment of a Sovereign Wealth Fund in partnership with a major UK institution, which will invest in long-term UK property assets without requiring upfront taxpayer funding. The fund is designed to generate substantial returns over the next 30 years, providing "hundreds of millions of pounds for future generations of Gibraltarians" and bolstering the territory's "rainy day" reserves.

Addressing the recently published McGrail Inquiry Report, Picardo acknowledged that mistakes were made during the challenges of 2020. He has imposed a strict 100-day deadline for implementing all Government-related recommendations, with two already completed by the Chief Secretary.

The Chief Minister emphasised the importance of economic discipline to maintain sustainable public services, including housing and healthcare, particularly for protecting vulnerable populations. Key infrastructure targets for 2026 include 3,000 new homes, developing a new cruise liner terminal, and delivering the data centre project aimed at transforming Gibraltar's economy.

Picardo's address sets an ambitious agenda for his final year, balancing the completion of the treaty process with long-term economic planning and infrastructure development as he prepares to transition leadership after years of service to Gibraltar.