Old Mutual Global Investors (OMGI) chief executive Richard Buxton predicts that UK economy will judder to a halt, but adds that recession may not be as bad as some shares suggest.
Richard Buxton, the chief executive and head of UK equities at Old Mutual Global Investors (OMGI), which manages £26bn of funds on behalf of individual investors and institutions, said warnings from the pro-EU campaign about the impact of Brexit before the referendum were well placed.
“I don’t think there was doom-mongering, because it is absolutely going to be horrible,” he said. “Mark Carney’s speech [in which he warned of dangers of Brexit] was absolutely spot on. This is just really bad news.
“You can criticise the Brexit team for a) an utterly mendacious campaign and b) not expecting that they would really win, so never having a plan. I mean the whole thing is literally unbelievable. It is extraordinary how we have ended up where we are.” [...]
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