GETTY Ireland could face increased migration levels after Britain leaves the EU

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Investment guru Andrew Amoils said losing the UK will have a profound effect on the Brussels club that may "encourage" other countries to quit and urged the Government to immediately relax visa restrictions on some Commonwealth workers. The economist, who worked for investment bank JP Morgan and is now the head of research at New World Wealth, also predicted a massive influx of migrants to Ireland which could spark "panic" and trigger the country's own EU referendum.

He cited the loss of the bloc's main English-speaking country as a particularly harsh blow to the 28-nation bloc, adding that for many Europeans the chance to relocate to the UK was the "cherry on the cake" that underpinned support for the principle of free movement. And Mr Amoils predicted that three million migrants will now instead head to the only other English-speaking nation in the EU, Ireland, to look for work because most speak English as their second language.

GETTY Major markets could also shun the EU following Brexit, it has been claimed

GETTY The decision could also dent Turkey's bid to join the EU

Major worldwide markets such as USA, China, Japan, India, Canada, Australia and New Zealand are likely to lose interest in the EU Andrew Amoils

Advising clients of the fall-out from the Brexit vote he said he expects Holland and Ireland to leave the bloc "within five years" although he predicted the EU will survive around a core of Germany, France Italy and Spain. In a note out today Mr Amoils wrote: "Major worldwide markets such as USA, China, Japan, India, Canada, Australia and New Zealand are likely to lose interest in the EU, as very few of the people in these countries know any European languages. They only know English. "Ireland will be the only English speaking country left in the EU. This will likely result in a large inflow of EU migrants into Ireland as most EU citizens have English as their second language. Very few EU citizens know French, German or other European languages. "As a result, we expect over three million EU citizens to enter Ireland over the next five years - this may create some panic in Ireland and may cause them to hold their own referendum in a few years. "For many EU citizens the possibility of going to the UK without restriction was the cherry on the cake as it was an English speaking country with a good social welfare system and offered a route to other English speaking countries such as the US and Australia through work transfers. That cherry is now gone."

Mr Amoils said the impact of Brexit on the UK economy was not clear, and could largely depend on how constructive an approach other EU leaders take to exit negotiations. He said: "For the United Kingdom itself, the impact is less clear. It will depend largely on whether the EU is able to put punitive measures on the UK as punishment for leaving the union." Urging the Government to ensure the continued migration of skilled workers to the UK, he added: "In our view, the UK should re-introduce two year working visas for young people from Australia, New Zealand and Canada. This will ensure that well educated young people continue to come to the UK. It will also strengthen UK ties with these important countries."

Brexit: EU Summit Wed, June 29, 2016 David Cameron will today plead for 'constructive' talks with EU leaders in preparing for Britain’s exit from the EU. Play slideshow 1 of 41