Soros’ warning on Brexit

Soros: ‘The value of the pound would decline precipitously (in the event of Brexit).’ – Reuters

LONDON: George Soros, the billionaire who earned fame by betting against the pound in 1992, said that a British vote tomorrow to leave the European Union would trigger a bigger and more disruptive sterling devaluation than the fall on Black Wednesday.

Soros used Quantum Fund in 1992 to bet successfully that sterling was overvalued against the Deutsche mark, forcing then-Prime Minister John Major to pull the pound out of the European Exchange Rate Mechanism (ERM).