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The Spanish government is reportedly proposing it share the British overseas territory on its Southern Coast.

In the referendum, Gibraltar voted overwhelmingly in favour of remaining part of the European Union.

However the overall vote was to leave, with Brexit campaigners winning the referendum by 4%.

It comes as Scotland and Northern Ireland weigh up leaving the UK having also voted for remaining in the European Union.

Spanish foreign minister Jose Manuel Garcia-Margallo said he couldn't wait to see a "Spanish flag on the Rock".

He told radio interviewers that he hoped "co-sovereignty" of the British territory was now much closer.

Mr Garcia-Margallo said this should eventually lead to complete Spanish control of the British peninsula.

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He said: "It's a complete change of outlook that opens up new possibilities on Gibraltar not seen for a very long time.

"I hope the formula of co-sovereignity - to be clear, the Spanish flag on the Rock - is much closer than before."

While Spain's Prime Minister Mariano Rajoy said Britain's vote would not affect the rights of Spaniards to work in Gibraltar.

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The enclave's chief minister, Fabian Picardo, earlier posted an online call for "unity, calm and rational thinking."

Mr Ricardo tweeted: "We have surpassed greater challenges. It is time for unity, for calm and for rational thinking."

He continued: "Together and united we will continue to prosper."

However he previously warned Brexit supporters that a leave vote would put joint sovereignty "back on the table".

Speaking in May, he said: "Ironically, somebody who believes they are being patriotic and supporting Gibraltar by voting to leave the European Union will be bringing about, actually, Gibraltar having to face, once again, the prospect of joint sovereignty with Spain.

"[This is] something which most of the friends of Gibraltar in the Brexit side of the argument fought tooth and nail against at the time it was last tabled by a Labour government in the early part of the 21st century."

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While Julie Girling, the South West England and Gibraltar Conservative MEP, said the people of Britain had made a mistake.

She said: "I am deeply sorry that the people of the UK have chosen this leap in the dark. I believe future generations will question our wisdom.

"The EU has many faults, of course, but I remain convinced that we would be safer, stronger and better off by remaining a member."

Gibraltar is heavily reliant on its open border with Spain for trade, and 95% of its voters opted for remain.

The small peninsula, which is home to 30,000 residents, has been a British Overseas Territory since 1713 and is a major source of arguments with Spain.

A spokesman for the enclave's government refused to comment on the new claim, highlighting that 99% of residents had voted to reject co-sovereignty in the past.