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No Double-Dip Recession for World: Richard Branson

Ansuya Harjani|News Assistant, CNBC Asia-Pacific
Tuesday, 27 Jul 2010 | 2:40 AM ET

The global economy will steer clear of a double dip recession, said Richard Branson, founder of the UK's Virgin Group, adding that he believes the "world is getting back on its feet."

"Obviously there is the worry of the vast amount of debt out there. But, I think we're all just going to have to work a little bit harder and we'll avoid a double-dip recession," he said on CNBC Tuesday.

When asked about plans to sell his company's stake in carrier Virgin Blue, Branson responded, "I've always been delighted with my involvement in Virgin Blue and (there are) certainly no plans to sell it."

World Back On Its Feet: Virgin's Richard Branson
Richard Branson, founder of Virgin Group, is optimistic that the global economy will not be faced with a double-dip. He speaks to CNBC's Oriel Morrison about Virgin Money's new Australian venture and the company's stake in Virgin Blue.

The British entrepreneur is currently in Australia to launch the first phase of Virgin Money, the group's financial services subsidiary, which will become the country’s fifth bank.

Branson selected Sydney as the headquarters for the new venture, which he hopes will "shake up" the bank industry by presenting Australians with competitive interest rates and attractive credit card services.

"We'll use our airlines and our other businesses here to give you great deals, free tickets and free companion tickets and so on to build a great credit card," Branson said, referring to the various synergies available to Virgin Money.

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