Soros didn’t “speculate against sterling while he was arguing for Britain to remain in the European Union,” a spokesman said in an e-mailed statement on Monday. George Soros warned that the pound may slump more than 20% against the dollar as voters were grossly underestimating the true cost of BrexitLondon/Hong Kong: George Soros, the billionaire who forged his reputation on a 1992 bet that the UK would devalue the pound, was “long” the currency before Britain’s historic vote to leave the European Union (EU) on Friday. “Because of his generally bearish outlook on world markets,” Soros did profit from other investments, according to the statement. “Now the catastrophic scenario that many feared has materialized, making the disintegration of the EU practically irreversible,” Soros wrote in a 25 June essay reflecting on the UK vote for the Project Syndicate. In the days before the vote that marked a rupture between the UK and the EU, Soros had warned that the pound may slump more than 20% against the dollar as voters were grossly underestimating the true cost of Brexit.

Source: Mint June 27, 2016 08:37 UTC