In doing some reading about the island I came across descriptions of the Grand Siege of Gibralter, a joint attempt by Spain and France to take the territory from the British during the American War of Independance. Ultimately it failed, with the crescendo that was the Grand Assault being a complete disaster for the French and Spanish. But what if the opposite had happened? Say the island was captured successfully during the assault forcing the UK out of the straits permenantly.
What effect would this have going forward?