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Sir Richard Branson urges second EU referendum after revealing Virgin blow

Published 28/06/2016

Sir Richard Branson said he expects the Virgin Group to have lost about a third of its value post-Brexit
Sir Richard Branson said he expects the Virgin Group to have lost about a third of its value post-Brexit

Virgin Group may have lost up to a third of its value since Britain voted to leave the EU, according to the company's founder Sir Richard Branson.

The billionaire businessman said the company had also pulled the plug on a deal worth 3,000 jobs over the uncertainty created by last week's vote.

Appearing on ITV's Good Morning Britain Sir Richard said Britain is heading towards "disaster" and called for a second referendum because facts touted by Leave campaigners were "inaccurate".

He added: "The pound has collapsed to its lowest level in 30 years. This country is going to go into recession, two of the worst days ever. Banks being pounded means they are not going to lend money."

On the Virgin Group, which owns shares in various companies including Virgin Media and Virgin Trains, the British businessman said: "We're not any worse than anyone else but I suspect we've lost a third of our value, which is dreadful for people in the workplace."

He added: "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."

Sir Richard also called on the public to sign a petition demanding a second referendum, which has so far gained more than 3.5 million signatures.

He said: "When Brexiteers told the public that people were exaggerating that there would be a financial meltdown I think that its 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."

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