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Already seeing 'disastrous' consequences of Brexit, Richard Branson says

Branson on Brexit: People have shot themselves in the foot

The British people have shot themselves in the foot by voting for Brexit, billionaire Richard Branson told CNBC on Tuesday.

"We're already seeing disastrous consequences with the way the pound has dropped. This is a number of years before Brexit actually takes place," the founder of Virgin Group told "Power Lunch" on Tuesday.

"There's been very, very little to be gained from it and there's been an awful lot to lose from it."

While Britain's top 100 countries have seen short-term benefits on their dollar and overseas earnings because of that currency drop, the rest of the business community isn't as lucky, Branson pointed out.

"The bulk of British companies, small companies, medium size companies are suffering, and they will suffer," he said. "You're going to find soon the British people are going to see the cost of boots going up. They're going to see job losses and they will start to realize the consequences of what they voted for."

Branson has long been a critic of Brexit, warning before the vote that it would be a financial disaster.

The decision to leave the European Union came in June, and a case is now before London's High Court on whether British lawmakers, and not the government alone, must trigger the formal process of leaving the EU.

Branson said that case is an important one to watch because it may give the House of Commons a free vote on the matter.

"I think the Conservative Party, in order to try to hold that party together, will try to push it through despite the damage it will do to the country," he said. However, about two-thirds of the members of Parliament were against Brexit, he noted.

"That would be quite interesting, especially if it's a hard Brexit. I think once people see the terms and the consequences of what's happening, things could change."

— Reuters contributed to this report.