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Money Talks from The Economist

Money talks: Brexit bedlam

Money Talks from The Economist

The Economist

News, Business, Economy, Finance & Economics, Business News

4.41.2K Ratings

🗓️ 28 June 2016

⏱️ 18 minutes

🧾️ Download transcript

Summary

Brexit shook global financial markets so hard that some saw parallels with the financial crisis of 2008. Through all the economic and political uncertainties, the vote will fundamentally change Britain and Europe. This week, Edward McBride speaks to our team of correspondents about the turmoil in the markets, the future of Britain’s banking industry and if there is anything regulators or politicians can do to save the City. Sacha Nauta, our European finance correspondent, also talks about the savvy traders who profited from the market fallout.

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Transcript

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0:00.0

This is a passenger announcement. You can now book your train on Uber and get 10% back in credits to spend on Uber eats.

0:11.0

So you can order your own fries instead of eating everyone else's.

0:15.0

Trains, now on Uber. T's and C's apply. Check the Uber app.

0:20.0

Hello, I'm Edward McBride, finance editor of The Economist.

0:27.0

This week on Money Talks, it was the vote that sent shockwaves around the world.

0:31.0

The UK has voted to leave the European Union.

0:36.1

I will do everything I can as Prime Minister to steady the ship over the coming weeks and months. But I do not think it would be right for me to try to be the captain

0:46.0

that steers our country to its next destination.

0:50.0

This does not mean that the United Kingdom will be in any way less united

0:58.7

nor indeed does it mean that it will be any less European?

1:04.0

And we are determined that unlike eight years ago,

1:08.0

Britain's financial system will help our country deal with any shocks

1:12.0

and dampen them, not contribute to those shocks or make

1:16.7

them worse.

1:18.1

The announcement that Britain had voted to leave the European Union was followed shortly after

1:21.9

by David Cameron's resignation as

1:23.5

Prime Minister and by turmoil in the opposition Labour Party.

1:26.7

Meanwhile the news shook global financial markets so hard that some saw parallels

1:31.4

with the financial crisis of 2008.

1:34.0

While the Brexit votes not quite a Lehman moment,

1:36.0

it will fundamentally change Britain's future and Europe's

1:39.0

and has intensified gloom about the world economy.

...

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