Richard Branson calls for young people to right the wrongs of Brexit
Virgin boss Sir Richard Branson has given his opinion on the UK’s decision to leave the European Union.
Speaking at an entrepreneur competition held by Virgin Media Business, he said the following: “I think that unless somebody makes a very bold move quickly, maybe say that once we’ve negotiated with Europe, there will be another referendum.
“If we carry on down the current path we are taking then we are taking the country into another recession very rapidly, the bank shares have been wiped out over the last few days. There will not be the money to be invested in new businesses, there will not be money to invest in bigger businesses or money to be invested in infrastructure projects.”
“The business world wants stability. We work enormously hard to build companies, create jobs and make a difference in this world. In 48 hours, we’ve had to cancel massive investment programs, put a job freeze on. One of our companies we’ve actually seen a share price come down 50 percent, with that kind of blow to a company, a lot of work is needed to get back to a level of stability. All the banks got completely and utterly wiped. I think they’ve just taken away a market of 500 million people and it’s just sad that people didn’t realise, it’s going to be devastating to business and infrastructure.”
“In the very early days of starting something, without financial backing and just an idea, you’re just fighting to survive and you need to have complete belief in your idea. My initial idea was a magazine campaigning against the Vietnamese war and it resonated with the young people, and we ended up using that to build a force in the UK. I hope the young people will gather together today to build a force to right the wrongs of what has happened over the last few days [Brexit].”
He also gave the following advice to start-ups following the EU divorce: “When I started off in business the interest rates were at 18 percent. Now, those rates are one or two percent. The difficulty is going to be for people to find money or for people to lend them money, but if they’ve got a great idea they should be able to find people out their willing to back them – it’s just going to be a smaller pool of people following the EU result.”
Read the July EURO 2016 issue of Business Review Europe magazine.
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