$3 Trillion Lost in Brexit
Over $3 trillion dollars has been lost since the Brexit announcement last week confirming Great Britain will leave the European Union.
The news has rattled yu investors, froze hiring and even affected the credit rating of the country causing whole nations to reconsider business done in Great Britain.
Between Friday and Monday, worldwide markets hemorrhaged more than $3 trillion in paper wealth, according to data from S&P Global, the worst ever recorded. For context, the amount shed by markets over the last two trading sessions far eclipses the turbulent trading losses of the 2008 financial crisis, according to S&P analyst Howard Silverblatt.
Approximately $1.3 trillion of that came from U.S. markets alone, Silverblatt noted.
Richard Branson, Founder and Chairman of Virgin Group fears the country will fall into a devastating recession, citing that his business has lost 33% of its value in just a couple of days. His suggestion is for a revote now that people are seeing the implications of this decision.
“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,” he told the “Good Morning Britain” TV program.
“We are heading towards a disaster. I don’t believe the public realized what a mess their vote would cost.”