Defence Spending
The UK's Ministry of Defence was originally the mainstay of Gibraltar's economy but this has greatly reduced to around 6% of the GDP. In 2006 the MoD announced that it would contractorise the provision of services to the military base to make further cost savings. This was finalised in January 2007.
Read more about this topic: Economy Of Gibraltar
Famous quotes containing the words defence and/or spending:
“Education must have two foundations—morality as a support for virtue, prudence as a defence for self against the vices of others. By letting the balance incline to the side of morality, you only make dupes or martyrs; by letting it incline to the other, you make calculating egoists.”
—Sébastien-Roch Nicolas De Chamfort (1741–1794)
“Its idea of “production value” is spending a million dollars dressing up a story that any good writer would throw away. Its vision of the rewarding movie is a vehicle for some glamour-puss with two expressions and eighteen changes of costume, or for some male idol of the muddled millions with a permanent hangover, six worn-out acting tricks, the build of a lifeguard, and the mentality of a chicken-strangler.”
—Raymond Chandler (1888–1959)