Effects of Brexit: ‘We’ve Canceled 3000 jobs, We’re Heading Towards Disaster’- Richard Branson reveals

Founder and C.E.O of Virgin Group, Richard Branson, has revealed that the economic effects of Britain’s exit from the EU has resulted in Virgin Group cancelling a deal worth 3,000 jobs.

The billionaire businessman said the company had made the decision to pull the plug on “a very big deal” because of the the uncertainty created by last week’s vote to quit the EU, saying his company may have lost up to a third of its value.

Appearing on ITV’s Good Morning Britain, 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.”
“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.”
 “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.”
 “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.”


Written by PH


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  1. Richard Branson, I admire and respect you a lot, but you are being irrational and unfair to those who democratically voted for Britain to leave the Euro club.

    In a democracy, the voice of the people trumps what we feel. In certain instances, we may not like the outcome of certain results, but that is the essence of democracy. Democracy is not to cherry pick what outcome we like and what we do not like. The British people have voted to exit EU, and whether you like it or not, that is what democracy is all about. To advocate for another chance for those who voted to exit to change their minds amounts to arm-twisting and defeats the very tenets of democracy.

    David Cameron made a calculation that backfired big time; he promised during the last election and as a way of shoring support for his candidacy, that if elected as PM, he was going to put Brexit to a referendum. More or less, he was saying to the British people that he heard voices for and against, but he was not going to take a position, but rather let the people decide after the election, what direction Britain should go. His calculation was to remain in power as the PM, but elections have consequences. Once he made the pledge for a referendum, there was no way he was going to back out of it, hence the referendum of last week and the result of against EU carrying the day.

    We must respect the will of the people. It is done and we have to live with it. Do not sound selfish and be driven by your parochial and narrow interests to advocate for the usurpation of the will of the people by advocating for another referendum to thwart earlier result. That is not what your forefathers came to teach Africans as a model of democracy, and that was not what some of us were taught and what we practice today.

    Live with the outcome; in business as in life, you win some sometimes, and and at other times, you lose.

    • One thing you are right Charles Ossa is the uncertainty of democracy and I believe one of the reason for that is the fact that not all voters are in the same common ground of understanding the cause and effects of their decisions, and, that takes democracy into a game of popularity and “who speaks louder e prettier”.

      I’m not much informed about britain politics but by the looks of the information I get from credible news in the internet, I think that if there was a quizz before voting to see if the person have a minimum understanding of what’s voting for and what “can be or not” the consequences of hi’s vote maybe alot of people on both sides(“yes|no”) would not vote.

      And that is the problem of the uncertainty of democracy, it can allow people to manipulate other people on thinking they have the power to decide, what was already convinced to believe it’s the right thing, just because they don’t have enough information or capacity to make a better decision.

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