Virgin founder Sir Richard Branson told British television today that the his businesses have lost one third of their value in the aftermath of Brexit​ and has called for a second referendum. Branson added the decision to leave the European Union has forced him to cancel a deal that would have added 3,000 jobs. (See also: How Will Brexit Affect the EU Employment Market?)

Speaking on ITV’s Good Morning show, Branson questioned if the public knew what they were actually voting for and the seriousness of the consequences of the decision to leave the European Union. "I don't believe the public realized what a mess their vote would cost," Branson said.

Canceled Deal

"We're not any worse than anybody else, but I suspect we've lost a third of our value, which is dreadful for people in the workplace. We were about to do a very big deal, we canceled that deal, that would have involved 3,000 jobs, and that’s happening all over the country."

Virgin Money Holding's Share Price

Branson Says Second Referendum Needed

Branson said he believes a second referendum was needed as voters were mislead on the financial implications of Brexit. The "Leave" camp constantly rebutted David Cameron and the Remain camp claims that a Brexit vote would result in a financial disaster. "When Brexiters told the public that people were exaggerating, that there would be a financial meltdown, I think it's been proven that they were not exaggerating," Branson said.

An online petition for a second referendum has attracted more than 3 million signatures, but a second referendum under the current government is looking very unlikely. "That is not remotely on the cards. There was a decisive result and the focus of the Government is to get on and deliver that," a spokesman for David Cameron said. (See also: Brexit May Spread Credit Contagion Through Europe.)

As Britain is coming to terms with a future without the EU, it's the banking sector that's been hit the hardest. Some banking shares have lost over 30% of their values anf Branson said that banks would tighten up on lending and a recession would ensue. He warned the Leave voters have "opened a Pandora's Box of negative consequences." 

 

 

 

Want to learn how to invest?

Get a free 10 week email series that will teach you how to start investing.

Delivered twice a week, straight to your inbox.