Guy Hands, the Tory backer and private equity billionaire, has claimed that Britain will require a bailout by the International Monetary Fund (IMF) unless Brexit is renegotiated.
Hands, who founded private equity firm Terra Firma Capital (TSX-V:TII) Partners, attacked the government over its handling of the economy, outlining his belief that mistakes over the last six years have led to the UK becoming the “sick man of Europe.”
He highlighted a path of “steadily increasing taxes, steadily reducing benefits and social services, higher interest rates and eventually the need for a bailout from the IMF,” suggesting that the current economic turmoil was more to do with Brexit than the outgoing Prime Minister's mini-budget proposals.
Since the interview, Rishi Sunak has been confirmed as the new leader of the Conservatives and will become the next Prime Minister, hopefully addressing Hands’ comments that the party needs to “move on from fighting its own internal wars and focus on what needs to be done in the economy”.