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00:00Brexit obviously a key topic of conversation. And it needs to be featured. I say that but at least it featured in the communique although there seem to be differing views from global leaders as to how much it was discussed. What are your thoughts on where we are now in the Brexit debate how are you advising investors. Well in fairness I don't think we're actually advising investors. We have taken a view. I mean we've produced this which has taken a view that we will actually stay in. Having said that I mean when we're not a political house in the sense that we make the judgment and I think it's fair to say that there are so many elements to this discussion that cannot be quantified . I mean people say they're waiting for the facts. But I think even if they had all the facts that were available they would never rationally be able to decide what the best result was . Interestingly Scotland wants to stay in the EU. But I think it's because of the SNP that in fact we are having this referendum because of the shift towards the Conservative Party during the general election. And of course Cameron had already said that he wanted to well he would pledge to have a referendum . And if they won a majority and indeed they got a majority perhaps against the odds. So in fact they're now having and this is partly why I think the comments are so extreme in some cases. There's almost an element of desperation here. No one was expecting this to be the case. Alex Salmond saying just last night in fact on a TV debate that a Brexit could trigger a Scottish referendum by 2018 as well. Regardless of the outcome of this vote if it seems possible to even say that but regardless of the outcome is that where the conversation goes next. When do we get another independence referendum possibly what it means is that Alex Salmond probably has to die because it was supposed to be once in a lifetime and you know I think it was at one point whether there's other things coming out of the G7 that are of interest. Emma. So Shinzo I'll be making a bid to try and draw parallels between 2008 and the Lehman crisis and where we are in financial markets right now. Christine Lagarde not buying it it seems other global leaders are not buying it because it didn't featuring the communique he needs that for domestic reasons it seems regarding the sales tax. Do you see parallels. Well just just taking for a moment the whole issue around Brexit I think what's interesting with these arguments is that you have to make assumptions and again with the way the G7 sees the world they have to make assumptions . And I think for the Japanese it is a very difficult situation they're in. CHRISTINE LEGARDE of course is French and what's going on in France is not exactly conducive to sweetness and light. So there are there are issues out there which could prompt another sell off in markets. Obviously the Fed is controlling situation quite well through interest rate levels but we can't afford to be complacent .

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Brexit: Extreme Commentary is Desperation, Says Franklin

Beaufort Securities Chief Investment Strategist Michael Franklin discusses Britain's upcoming referendum on membership of the European Union with Bloomberg's Anna Edwards on "Countdown."

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