The dangerous gamble of economic insularity

The Bank of England laid down Wednesday on paper what everyone had understood for months. Torn off with false figures and algorithmic manipulations, Brexit weighs heavily on the British economy, making it less productive and less attractive. The news took pleasure in driving the point home, revealing the same day that Paris dethroned London in terms of market capitalization. Shocking!

It is now up to the Prime Minister, Rishi Sunak, to try to redress the bar. Placed under the sign of austerity, its mini-budget presented Thursday announces the color, miles away from the green meadows that Brexiters dangled a few years ago to the subjects of Her Majesty.

Read also: Behind the British recession, the crumbling caused by Brexit

The setbacks of perfidious Albion could almost make the Swiss smile, those who have always known how to sneak their way into the smallest cheese holes of European construction. They are also trying to take advantage, with some success, of the British-European divorce to forge new commercial or scientific links with London.

The specter of a slow loss of attractiveness

Good to take, these opportunities will not replace healthy and peaceful relations with the European Union (EU). As the world becomes more complex and geopolitical blocs are formed, the Swiss export economy has everything to gain from balanced and fluid relations with its main trading partner.

The risk of seeing the Swiss economy disintegrate in such a spectacular and brutal way as that of the United Kingdom is almost nil, our country benefiting from a geographical situation and an industrial profile that are in no way comparable to it. On the contrary, it is a slow and underhanded erosion that threatens to corrupt the legendary Swiss competitiveness, in the image of what the research and technology communities are experiencing.

Whether health or energy, the crises that have followed one another for nearly three years should not prevent Switzerland from staring its European destiny in the face. Bearing in mind that Austria and Luxembourg, EU Member States, or Norway, integrated into the European Economic Area, are not doing less well than her. It is to be hoped that the new face that the Federal Council will offer in January will finally be up to an issue that has been slipped under the carpet for far too long.

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