Opposition leader Simon Busuttil yesterday urged the government to devote its energies to addressing “recent worrying economic trends” rather than defending the controversial citizenship scheme at all costs.

Speaking at the end of a meeting with a delegation from the Chamber of Small and Medium Enterprises, Dr Busuttil cited a recent GRTU survey which stated that only a quarter of retailers had reported an improvement in sales during the festive season.

Dr Busuttil said other indicators that business was slowing down came from a recent Eurostat survey which reported Malta had registered the biggest decline in retail trade among EU member states, with a 2.1 per cent drop.

The PN leader also criticised the setting up of a real estate company in Malta by Henley and Partners who will be managing the citizenship scheme. He argued that their venture in the property market would risk killing off any potential ripple effects for the local economy which the scheme might generate.

Dr Busuttil said that Henley and Partners could make up to €200 million from the property investments linked to the scheme.

GRTU president Paul Abela said the chamber would be putting forward its proposals for the European Parliament elections, and they expected candidates to adopt a business-friendly approach.

The chamber is also carrying out a survey among its 8,000 members to determine its position on the proposals contained in a White Paper on extended opening hours.