International financier George Soros warns of severe consequences should the UK choose to leave the EU, and other prominent citizens are voicing similar concerns.
George Soros warns of a possible of decrease in the value of the British pound. The losses could exceed the 15% devaluation experienced following a currency crash in 1992. He predicts the pound would likely fall to parity with the Euro, depriving the UK’s national currency of close to 20% of its current value. He warns of an income loss to each British household of 3000 to 5000 pounds annually. Some analysts, including chairman Wilber Ross at W.L. Ross & Co., doubt the fall would be as severe. Learn more about his profile at Forbes.com.
Mr. Soros is the storied founder of Soros Fund Management, LLC. A survivor of the WW2 Nazi occupation of Hungary, Soros fled to England where he studied at the London School of Economics. His current net worth is estimated at close to $25 billion.
Through is philanthropic efforts starting in 1979, George Soros has consistently supported ideals transcending national boundaries. His Open Society Foundation funds efforts to bring transparency and accountability to natural resource industries, among others. He is also a noted supporter of Democratic presidential hopeful Hillary Clinton.
Countering George Soros’ warnings of the economic pitfalls of a Brexit vote is former London mayor Boris Johnson, who promises to apologize to the British people if a leave vote should result in an recession. UK Justice Secretary Michael Gove points out that Soros has not always been correct in past predictions.
UK Prime Minister David Cameron strongly supports a “stay” decision, endorsing Mr. Soros’ concerns.
Power couple David and Victoria Beckham echoed the caution voiced by Mr. Soros. Soccer superstar David Beckham believes membership in the EU will be better for Britain’s children.
Certain polls in the UK currently show the difference between “leave” versus “stay” at less than 1%.
The nation votes on Thursday, June 24th.
Learn more about George Soros: http://www.nybooks.com/contributors/george-soros/