Alastair Wilson of Moody's said there would not be a recession in Britain following Brexit

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Alastair Wilson, the head of the sovereign ratings at Moody's said Britain is "not looking at a recession," despite fear-mongering from other businesses in the City.

Moody's Investors Service had cut its outlook on UK sovereign debt but the ultimate outcome for the British economy may not be as bad as first thought.

Mr Wilson told CNBC: "The UK referendum result, which rocked global markets on Friday, is extremely significant for the UK and significant for the rest of Europe.

"It is bad for Europe. We do not yet know quite how bad; we will see that as we see elections coming," he added.

Boris Johnson spoke this morning on a brighter future for Britain, maintaining that we would be able to keep a free trade agreement with the EU.