Turbulent financial fallout from last week’s Brexit vote continued Tuesday with Virgin Group CEO Richard Branson saying his iconic company has lost a third of its value since the United Kingdom voted to leave the European Union.
“We’re not any worse than anybody else but I suspect we’ve lost a third of our value,” Branson said Tuesday.
“We are heading towards a disaster. I don’t believe the public realized what a mess their vote would cost,” Branson said. “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.”
European leaders, including outgoing British Prime Minister David Cameron, will meet Tuesday to discuss the U.K.’s exit plan. Germany is leading the charge to start the future without Britain in earnest.
“We will ensure that the negotiations will not be a matter of cherry-picking,” Angela Merkel told the German parliament, before travelling to Brussels. “There will be a clear difference whether a country is a member of the European Union or does not want to be a member.”
The European Parliament reconvened this week, giving longtime pro-secession Member of European Parliament Nigel Farage a chance to highlight his victory, and lay out his vision for his country’s future. Farage is the leader of the United Kingdom Independence Party, and his clips berating Brussels bureaucrats are popular on YouTube and late night television.
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SOURCE: U.S. News & World Report, Curt Mills