Branson: Brexit Shaved Virgin Value by a Third

Richard Branson, founder of Virgin Group, claimed Tuesday the U.K. vote last week to leave the European Union caused the company to lose approximately one third of its value, and he believes that the “Brexit” will have dire financial consequences for Virgin going forward. “This country is going to go into recession. Two of the worst days ever – banks have been pounded means they are not going to lend money, we’re going to go into recession. We are heading towards a disaster. I don’t believe the public realized what a mess their vote would cost,” Branson said recently on Good Morning Britain. The value of the pound plummeted to its lowest in three decades following departure from the EU. “When Brexiters told the public that people were exaggerating there would be a financial meltdown I think it’s been proven they were not exaggerating,” Branson said, supporting a second referendum to rejoin the EU and stave off further financial chaos.

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[Photo: The Guardian]