Britain will suffer as France pulls up the drawbridge

The state of the French economy goes from bad to worse. Output is flatlining, unemployment remains stubbornly high, inward investment is collapsing, and exports are falling.

Some countries would respond by reforming their economy. But the French are instinctive protectionists. When they are in trouble, they pull up the drawbridges and blame someone else. It’s already happening. Takeovers are being blocked. The government is protecting BNP Paribas from US fines. Far-right politician Marine Le Pen is riding high in the polls on a platform of trade barriers.

Who will lose the most from this, other than the French themselves? Unfortunately [...]

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