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Societe Generale chairman warns of turmoil as Brexit talks drag

Financial markets have continued to rise since the UK's 2016 referendum — but Lorenzo Bini Smaghi sees trouble ahead

Lorenzo Bini Smaghi, chairman of Societe Generale
Lorenzo Bini Smaghi, chairman of Societe Generale Photo: Getty Images

Politicians must not be fooled by rising equity markets and secure a Brexit deal before the end of 2018 or risk economic turmoil in the markets, according to the chairman of French bank Societe Generale.

The warning from Lorenzo Bini Smaghi comes with trade talks between Brussels and Westminster stalling over big disagreements on a future customs arrangement and a spat concerning security co-operation after the UK's exit from the bloc.

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