Columbia Threadneedle's Burgess: Brexit would be 'truly bad news' for UK financial services

Positive on Europe

Mark Burgess, global head of equities at Columbia Threadneedle, has warned of the serious repercussions for UK financial services firms if Britain votes to leave the European Union.

Burgess, who also co-manages the £282.3m Threadneedle Global Equity fund, said a Brexit would trigger a landgrab from Germany, which would use the opportunity to acquire ex-UK business. "The 'No to Brexit' vote still appears to be in the lead, although opinion polls are showing increasing support for the Brexit camp," he said. "Regardless of the outcome, the uncertainty around the referendum is sure to cause distress which may not be rectified by the decision to stay in the EU. "You may think I am saying this because of my role, but I very much hope that Brexit doesn't happen, as I...