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‘The bigger risk is Italy, and the possible rise of nationalism in France and Germany’“Investments for the time being will continue to suffer. Consumer confidence will also be damaged by the turmoil in the markets, so a recession in the UK does look likely. Business sentiment in Europe could also be hampered due to the rising fears of contagion – we could now see exit votes called by other Euro-skeptic parties across Europe. The first indication of the political fallout will come this weekend with general elections in Spain. The bigger risk is Italy, and the possible rise of nationalism in France and Germany. This is all generally bad for the business climate.”
‘All districts in Scotland voted for Remain, so this makes a new referendum likely’“All districts in Scotland voted for Remain, and the ruling SNP called for Scotland to stay in the EU, so this makes a new referendum likely. It will also be destabilizing for Northern Ireland. So it could lead to the break-up of the UK. This further weakens the UK government’s negotiating stance with the EU.”