Neil Woodford: Brexit not such a negative as immediate market falls imply

The people of Britain have voted to leave the European Union. This clearly represents a very significant decision for the UK, for the European Union and indeed for the wider global economy. Markets are clearly shocked by the decision but, in our view, it is not as negative a development as the market's initial reaction appears to imply. We have been clear in our thinking on the economic implications of Brexit for some time. The independent report we commissioned on the subject concluded that Britain's long-term economic future would be largely unaffected by a decision to leave the Europe...