Why is Gibraltar a British territory?

“Gibraltar, a 2.6 square mile (6.7 square kilometre) peninsula that is home to about 30,000 people, is a British territory to which Spain has long laid claim. This week the old argument resurfaced as Spanish officials toughened border inspections, slowing traffic to a crawl, and Spain’s foreign minister threatened a €50 ($67) charge on crossings, to the alarm of locals on both sides of the border. The measures were apparently in response to the Gibraltar government’s decision to sink spiked concrete blocks into the sea to fend off Spanish fishermen, whom it accuses of poaching Gibraltarian fish.”

http://www.economist.com/blogs/economist-explains/2013/08/economist-explains-4

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