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Branson pulls plug on big deal because of Brexit

Jun 28 2016 19:07

London - British entrepreneur Richard Branson on Tuesday said his Virgin Group had pulled out of a deal involving 3 000 jobs after Britain voted to leave the EU.

In a television interview, the billionaire businessman added that Britain was heading for recession after the pound slumped to its lowest level against the dollar in more than three decades in the immediate aftermath of last Thursday's referendum result.

And he urged the public to sign a petition calling for a second vote.

"We were about to do a very big deal and we cancelled that deal that would have involved 3 000 jobs and that's happening all over the country," Branson told a show on the independent ITV network.

"When Brexiteers told the public that people were exaggerating that there would be a financial meltdown I think that it's been proven that they were not exaggerating.

"We're heading towards disaster and therefore in business if you realise you made a bad decision you change it. And we're not saying to overrule it, just let the same people who voted have another chance and that's democratic," he added.

Despite the warnings, European stocks rose sharply on Tuesday, making their first gains since Britain's shock vote to quit the EU, and the pound rebounded as investors returned to jittery markets.

Meanwhile nearly four million people have signed a petition calling for a second referendum.

virgin  |  richard branson  |  brexit  |  world economy
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