Will U.K. Political Uncertainly Delay Business Decisions?
Leaders of Britain’s splintered government sought to reassure investors they’ll be able to navigate the fallout from the stunning vote to quit the European Union as the pound extended its drop and international policy makers scrambled to respond. After a weekend in which Prime Minister David Cameron’s administration appeared rudderless, Chancellor of the Exchequer George Osborne broke his silence before markets opened to declare “you should not underestimate our resolve” to limit an “inevitable adjustment” in the economy. Boris Johnson, the pro-Brexit favorite to succeed Cameron, said “the negative consequences are being wildly overdone, and the upside is being ignored.” Jefferies International Chief European Economist David Owen discusses with Bloomberg's Francine Lacqua on "The Pulse."