City is "still slightly stunned" by "really bad news" of Brexit, says chief exec

William Turvill
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Brexit Fears Continue To Hit Financial Markets
The UK voted to leave the European Union on 23 June (Source: Getty)

Brexit is “just really bad news”, the chief executive of Old Mutual Global Investors (OMGI) has said.

Richard Buxton also denied there was any “doom-mongering” in the run-up to the vote – “because it is absolutely going to be horrible”.

Read more: Old Mutual becomes the next company to wave away Brexit

Defending Bank of England governor Mark Carney, among others, Buxton said: “You can criticise the Brexit team for a) an utterly mendacious campaign and b) not expecting that they would really win, so never having a plan.

“I mean the whole thing is literally unbelievable. It is extraordinary how we have ended up where we are.”

Speaking to the Guardian, Buxton also described the result of the EU referendum as “stupendously final” and said he did not disagree with the assessment that this was “the single worst event in British postwar history”.

Read more: Six reasons this Old Mutual spin off might just work

The chief executive described the atmosphere in the City of London as “still slightly stunned”.

He added: “Coming to terms with this is that classic cycle that you go through in terms of shock, grief, anger, all of that. We are very early into this.”

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