George Soros, the billionaire who earned fame by betting against the pound in 1992, said Britain was approaching a tipping point that would see the economy slow to such an extent that Brexit might even be reversed.
Soros used Quantum Fund in 1992 to bet successfully that sterling was over-valued against the Deutsche Mark, forcing then-Prime Minister John Major to pull the pound out of the European Exchange Rate Mechanism (ERM).
Soros, who was born in Hungary but made his way to London as Communists consolidated power in Budapest, said economic reality was starting to catch up with a United Kingdom that voted 52 to 48 percent to leave the European Union in a June 23 referendum.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.