Eurosceptics are quick to cite Switzerland as proof that a country with a big financial sector can negotiate a deal that allows its firms to operate inside the European Union, touting the ‘Britzerland’ solution. But the view from the Swiss Alps isn’t so rosy.

In theory, Switzerland has the freedom to shape its own banking regulation and pick what it likes from the larger EU regime. In reality, if Swiss banks and asset managers want access to the EU - their largest market - Switzerland has to keep in step with the requirements of the bloc, or risk being cut off.