George Soros, a legendary Billionaire investor, has issued a warning to the people of Britain against voting for Britain to exit the European Union. He states that if this happens then it will lead to a disaster as the stock market and currency` will suffer hugely. Mr. Soros joins other notable figures among them David Beckham, a soccer star, and his wife Victoria Beckham who are urging Britain to remain put in the European Union. This comes before the big vote that is expected to happen this week to settle the issue that has been contentious for a long time now. This issue has even elicited the reaction of David Cameron, the British Prime Minister who said that “Brits do not quit”.
George Soros on his part predicts that a vote in favor of Brexit would damage the living standards in Britain severely and also lead to the British Pound taking a plunge. He warns that the plunge this time round could be worse than the Black Wednesday that occurred approximately 24 years ago. Soros had earlier on opined in the Guardian Newspaper that the pound risks falling by at least 15% or even past the 20% mark. In 1992, when Britain collapsed from the European Exchange Rate Mechanism, the British pound lost about 15% of its total value. Soros had bet that the pound would drop in value and ended up making a billion pounds when the British pound fell.
About George Soros
George Soros is the chair and also founder of the Open Society Foundations and Soros Fund Management. He was born in the year 1930 in Budapest, he managed to survive against the Nazi Occupation in the World War II before fleeing to England in 1947. He went on to graduate from the prestigious London School of Economics. He then settled in the USA and managed to accumulate huge fortunes through his International Hedge Fund that he founded and was also involved in its management.
Ever since the year 1979, he has always been an active philanthropist and was involved in providing funds to black students in order to assist them attend the Cape Town University in South Africa during the apartheid. His Open Society Foundations now is operational in over 100 countries and its annual expenditure reached the $835 million mark back in 2011. The main goal of the foundation is to promote values that are befitting of an open society, transparency and human rights. George Soros has authored a few books that include “The Tragedy of the European Union” that he authored in 2014. He also writes various essays and articles on various topics touching on society, economics and politics. These articles and essays usually feature often on prominent magazines and newspapers in the world.
Learn more about George Soros: http://www.nybooks.com/articles/2016/02/11/europe-verge-collapse-interview/