Soros: Brexit Might Be Reversed

June 20, 2017 Share Print 0

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.

Reuters

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Craig Erlam

Senior Market Analyst, UK & EMEA at OANDA

Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.