With the EU becoming ever more protectionist around its financial market, Switzerland has turned to Britain for a trading pact to avoid the dogmatic treatment from the EU on financial services.
Switzerland has been in a battle with the EU over financial services over recent years. In the past Brussels have refused Switzerland equivalence status meaning investment firms in the EU were not allowed to trade on the Swiss stock exchange.
Swiss Prime Minister Guy Parmelin said: “We want a good solution that can win majority support, and that is not the case at the moment.
“I don’t think we can wrap up this year. Our agenda and that of the EU allow a conclusion only next year at the earliest.
“I think the EU would weaken itself if it no longer cooperated with Switzerland on research.
“We are then forced to seek alternatives, perhaps along with Britain, if the EU remains dogmatic.”
It was reported that last month that Britain promised to push ahead with a trade deal on financial services with Switzerland. This promise has been kept.
UK Chancellor Rishi Sunak said: “The UK and Switzerland are both global financial centres, with a shared commitment to high standards of regulation, market integrity and investor protection.
“Our ambition is to deliver one of the most comprehensive agreements of its kind in financial services as part of our plan to seize new opportunities in the global economy now we have left the EU.”
It’s becoming common ground for countries to bypass the EU rather than work with the EU. As time goes on, it seems the EU’s reputation is diminishing.