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cloud Bloomberg. retiring in 2013, writing one of the best received books about the financial

crisis and where we go from here the end of alchemy. We're honored to have him

join us this morning. Sir Mervyn, the consensus seems to be,

this is not a Lehman moment, but can we say with any certainty

what the economic and financial consequences

over the longer run will be?

No, we certainly can't say with certainty anything really about the longer run and

one of the problems in the whole campaign that took place here was that people wanted to demonstrate greater

certainty about the long-run consequences than they had any right to do. So we'll

have to wait and see. It's not a Lehman's moment. It's a very different kind of moment this is one which has caused

immense political instability here but the way in which the UK will trade with the rest of the

world is totally unchanged and will be so for at least two years.

So the underlying economics doesn't change immediately.

There is uncertainty about what the future will be, but I rather suspect that given that businesses that want to trade with each other today

will want to trade with each other tomorrow, that we shall end up in a position that does not

look drastically different from where we were before the referendum.

Obviously people trade in and out, but if you're a longer term investor looking at the UK,

...