Post-Withdrawal Britain: Why the Swiss Model Wouldn’t Work for the UK

British voters favoring leaving the European Union suggest that the country’s status could be similar to that of Norway and Switzerland. But the United Kingdom, with a population of 65 million, is not Norway or Switzerland, with 5.5 million and 8.5 million people, respectively. To access the EU market, the British would likely join the European Economic Area, like Norway, and could not escape regulations. To participate in EU programs, the UK would be expected to pay fees and follow rules without a voice in setting those rules. On the other hand, Switzerland did not join the European Economic Area, and instead relies on 150 bilateral trade agreements. About 40 percent of Swiss legislation is based on EU regulations. Swiss financial services are separate and rely on a London for access the EU. A Brexit transition would likely be long and rough. Writing for Spiegel Online, Christian Teevs concludes, “It won't be possible for the UK to turn its back on the EU politically while still maintaining all of the economic advantages of the single market.” – YaleGlobal

Post-Withdrawal Britain: Why the Swiss Model Wouldn't Work for the UK

Long, rough Brexit transition: Experiences of Norway, Switzerland suggest the UK won’t escape EU regulations; London could lose influence as financial capital
Christian Teevs
Tuesday, June 14, 2016

Read the article from Spiegel Online.


Read “Switzerland’s Approach to EU Engagement: A Financial Services Perspective” prepared for the City of London by the University of Kent Centre for Swiss Politics.  "Forgoing complete access to the Single Market has had implications for the Swiss financial services sector, namely through the associated necessity of establishing operations in London, and has reduced Switzerland’s ability to engage EU policy making.” 

© SPIEGEL ONLINE 2016. All Rights Reserved. Reproduction only allowed with the permission of SPIEGELnet GmbH

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