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Brexit is the biggest move towards protectionism since Smoot-Hawley, says investor

Here’s an interesting bit of perspective on Brexit from Atul Lele, chief investment officer at Deltec International Group, with whom I spoke earlier today:

Taking a step back this is the first, the most significant legislative change moving towards protectionism and away from globalization since the Smoot-Hawley Act of the Great Depression era. That says to me that you’ve got a population who perhaps doesn’t fully grasped the magnitude of the historical relevance of the vote that’s just been taken.

RR