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:
“Behold now this vast city; a city of refuge, the mansion house of liberty, encompassed and surrounded with his protection; the shop of war hath not there more anvils and hammers waking, to fashion out the plates and instruments of armed justice in defence of beleaguered truth, than there be pens and hands there, sitting by their studious lamps, musing, searching, revolving new notions.”
—John Milton (1608–1674)
“Keeping accounts, Sir, is of no use when a man is spending his own money, and has nobody to whom he is to account. You won’t eat less beef today, because you have written down what it cost yesterday.”
—Samuel Johnson (1709–1784)