Fidelity CIO of equities Rossi warns of 'mild UK recession by Christmas'

'Black Swan' event

Dominic Rossi, Fidelity global CIO of equities, has said the UK economy will start to show signs of deceleration over the summer and will face a 'mild recession' by Christmas after the country voted to leave the European Union.

In a conference call following the referendum announcement, Rossi (pictured) was downbeat on the country's expectations but "unsurprised" by the effect the Brexit vote was having on markets. He echoed earlier comments by George Soros that the news was "of far more importance" than when the UK left the Exchange Rate Mechanism in 1992, causing a 15% devaluation in sterling. Rossi said: "Today is a momentous day, it is far more importance than Black Wednesday and I cannot understate the importance of what we are witnessing." Buxton warns UK to enter "DIY-recession" following Brexit vo...