There will be no cost of living pay increase, but a single lump sum in September for public sector workers with a basic pay of under £100k.

Those earning under 50 thousand pounds will get £1,200, those earning between £50,000 and £70,000- £900 and those with salaries between £75,000 and £100,000 will be given an assistance payment of £600.

Also announced by the Chief Minister during the budget session is that Tax goes down one percentage point and there will be no increase to water and electricity.

Students' maintenance grants increase by 15%.

And, Fabian Picardo said Gibraltar has reduced its deficit in less time than the rest of the world, and is now predicting a modest surplus for the next financial year.

The Chief Minister described Gibraltar as a ‘financial rock’ standing steadfast against economic adversity and emerging stronger than before.

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