While the Brexit negotiations seem to have stalled, the risk of "No Deal" looms, a big risk for our economy.

Nicolas Barré takes stock of a current economic issue.

London drama!

Boris Johnson's government wants to question the divorce agreement it concluded with the European Union a year ago, at the risk of causing a no-deal Brexit.

It is absolutely astounding.

Great Britain would therefore be ready to sit down on the treaty which it signed with the 27. Let us pass on the fact that "global Britain" will then have a little difficulty in lecturing the Chinese who do not respect the treaty Hong Kong retrocession.

The English do the same thing except that there the consequences are much more serious for them.

If the British question the agreement to withdraw from the European Union, they will not be able to conclude a trade partnership with Europe to manage post-Brexit.

On January 1, we will therefore have a no-deal Brexit, a "no deal".

Boris Johnson is playing the brave, he lets it be said that he would prefer a "no deal" rather than the treaty signed last year which imposes control on the flow of goods with Northern Ireland.

There is an element of bluff there.

The Covid crisis has considerably weakened the British economy.

Growth fell 20% in the second quarter.

The pandemic suddenly wiped out 17 years of growth.

No developed economy has done worse!

In addition, the consequences of the crisis on employment are greater than on the European continent because of the weight of services in the economy.

In this context, adding the prospect of a "no deal" is shooting yourself an additional bullet in the foot.

It also worries this side of the border.

We have absolutely no interest in a "no deal".

It would be a disaster for fishing, 30% of European catches are made in British waters.

The blow would be very hard for agriculture, it is our third customer with a surplus of three billion euros per year.

And even our second client in wines and spirits.

In total, 30,000 French companies export to the UK and would end up with endless tariffs and administrative constraints.

There are only a few weeks left to wrap up.

Meanwhile, the British pound fell sharply on Monday, a sign of unmistakable concern.