In Hargreaves’ interview with BBC Radio 4 he said in his view the UK would benefit from an exit and contrary to the sentiments of Prime Minister David Cameron and the remain campaign, some uncertainty could be a good thing.
“I’m firmly convinced that day, hopefully, we decide to leave, that little bit of insecurity, that little bit of unknown will be an absolute fillip to everyone,” he said.
He also refuted the argument that Brexit would threaten the City’s position as a financial services centre. “We raise money for the Russians, we raise money all over the world, for countries that are not in Europe,” Hargreaves said. “They’ve got to use London. London can raise billions on a few phone calls.”
He said he doubted large numbers of financial sector workers would want to move to other cities such as Paris or Frankfurt in the event of an EU exit because of higher taxes and London’s attractiveness as a place to live.
He also noted that when Singapore became independent, the insecurity related to no longer being part of Malaysia was “an inspiration” in his view.
Hargreaves is the latest high profile figure in the investment world to make his views known on the matter, with the likes of Terry Smith and Neil Woodford having already chimed in.
He stepped down from the board of the company he founded in 1981 last year, but retains involvement and is still a major shareholder. He was not speaking on behalf on the company however.
