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Friday, June 24, 2016

It will be messy, but the UK will muddle through, says HL’s Dampier: ProactiveInvestors Stocktube

Published on 24 Jun 2016
Markets were thrown into turmoil on Friday after the UK took the unprecedented step of voting to leave the European Union.

Mark Dampier, research director at Hargreaves Lansdown PLC (LON:HL) tells Proactive Investors “generally speaking it has been pretty chaotic in the markets” adding that he thinks investors had priced in a ‘remain’ vote.

“The markets have just had to do a full 360 turn”, he says, adding that “markets don’t like surprises, and they got the biggest shock of their lives at around 4am”.

Dampier compares Friday to two other events, Black Monday, in 1987 and leaving ERM in 1992, but says it will likely have a slower and more prolonged reaction.

He adds that he believes the country will “muddle through, but unfortunately that muddle through will be a bit messy for a while”.

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