As an EY survey finds financial firms shrugging off Brexit fears, is the City being too sanguine about leaving the EU? Professor Richard Portes, academic director at AQR Asset Management Institute, London Business School, says Yes. Of course nobody predicted an immediate fall in output and employment. But those will come. Both vacancies and investment plans are already down. Sterling has fallen a lot, and short positions are up, with the exchange rate set to fall further. [...]
