George Soros is known as ‘The Man Who Broke the Bank of England’ because of his savvy investing strategy. These days it seems like he wants to be known as the man that saved England from financial ruin. Soros is warning the British government that if they follow the Brexit strategy and leave the European Union, the country could suffer dire financial problems. In a recent piece in the Guardian newspaper the billionaire investor said voting to leave the EU will cause disaster in the British currency and the stock market. Soros predicted the pound could lose 15% to 20% or even more of its value following the British government’s proposed Brexit strategy which is set to be put to a final vote soon.
George Soros went on to say leaving the 28-nation EU would lead to a severe downturn in living standards for people living in the United Kingdom. He predicts the value of the pound will drop further than it did 24 years ago on Black Wednesday. Brexit is a contentious issue for the Brits. David Cameron, the British Prime Minister, as well as many other influential people, have joined with Soros to encourage Parliament to vote no on the country’s plan to withdraw from the European Union. Soros and others have warned that future generations will pay a high price if the UK leaves the European Union.
George Soros | The New York Review of Books
The investment maven has a solid track record for predicting currency fluctuations. He made over $1 billion when his Quantum Fund said the British pound was overvalued compared to the German Deutsche mark using the European Exchange Rate Mechanism and the British government was forced to take the pound from the system.
This has made his opinion highly respected in investment circles. While the average Brits are evenly split about whether the country should remain in the EU, stocks around the globe were up based on rumors England would remain in the European Union.
Born in 1930 in Budapest, Hungary and educated at the London School of Economics where he earned BSc and MSc degrees, George Soros has a net worth in excess of $25 billion and is one of the world’s 30 richest people. A citizen of both Hungary and the United States, he’s chairman of both the Soros Fund Management and the Open Society Foundations. Soros is also advisor and founder of the Quantum Fund. The thrice married father of 5 is a business magnate, investor, author, and philanthropist whose investment opinions are widely respected.
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