Richard Branson, the founder of Virgin Group, said Tuesday that the company has lost about a third of its value since the U.K. voted to leave the European Union last week, stoking fears that the “Brexit” will have negative financial repercussions.

“This country is going to go into recession. Two of the worst days ever – banks have been pounded means they are not going to lend money, we’re going to go into recession,” Branson said on “Good Morning Britain,” Reuters reported. “We are heading towards a disaster. I don’t believe the public realized what a mess their vote would cost.”

In the wake of the referendum, the value of the pound tumbled to its lowest in at least three decades, sparking market chaos, but some financial leaders have said the vote won’t cause another financial crisis.

“When Brexiters told the public that people were exaggerating there would be a financial meltdown I think it’s been proven they were not exaggerating,” Branson said, advocating for a second referendum.

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Write to Katie Reilly at Katie.Reilly@time.com.