The billionaire businessman told the BBC he has lost confidence in the UK due to a combination of high taxes and high immigration.

Ineos founder Sir Jim Ratcliffe tells the BBC he thinks the country is "on the slide" and calls for more investment in the North Sea.

The bank said it "assumed" there would be economic red lines, like oil at $100 a barrel, that the US would be unwilling the cross.

Since taking control in 1965, Buffett grew a struggling textile mill into a global conglomerate.