George Soros and His “Brexit” Concerns

George Soros is a famed investor who was born in 1930 in Hungary, a Central European nation. He’s extremely well-known as a currency trader and philanthropist. He’s the creator of Open Society Foundations, a global grant making organization that assists civil society entities around the planet. Soros launched the foundation back in the early nineties.

The United Kingdom has recently been in news headlines all around the world. This is due to the fact that the island nation may choose to make an exit from the EU (The European Union). On Tuesday, June 21st, 2016, Soros expressed his desire for the United Kingdom to remain part of the European Union. He did this prior to a vote that would determine the outcome and future of the nation’s status. Other notable public figures who agreed with Soros’ wishes include both Victoria and David Beckham, a well-known vocalist and athlete respectively.

Soros stated that a vote that allowed the country to say goodbye to the European Union could prove to be seriously detrimental. According to George Soros, a departure could potentially harm lifestyles for citizens. It could also potentially lead to a major drop for the United Kingdom’s currency, the pound. The drop could be worse than the one that occurred close to half a century ago on infamous “Black Wednesday.” Black Wednesday took place on September 16th, 1992.

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Soros elaborated by indicating that the pound could drop by a minimum of 15 percent. It could even potentially drop by over 20 percent as well. He expressed these fears in a Guardian newspaper opinion article. The United Kingdom experienced a catastrophe due to European Exchange Rate Mechanism problems back in September of 1992. The nation’s currency, as a result, had a significant 15 percent value drop.

The investment expert noted that a pound drop probably wouldn’t cause a manufacturing export surge. This type of surge did occur in 1992. Soros doesn’t believe that a potential “Brexit” (the nickname for Britain bowing out from the European Union) would lead to that scenario.

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Soros isn’t going to have to argue with international sports sensation David Beckham. The beloved athletic figure made it clear that he wants the United Kingdom (his home nation) to stay a member of the European Union. He said that the citizens of the world dealing with global issues in a united manner could benefit future generations. Victoria, his wife, said something of a similar nature. The star stated that she has a strong belief in her home nation. She wants her children to be able to enjoy a future that encourages togetherness.

Soros resided in the United Kingdom for a while. He moved there in 1947 to attend the London School of Economics.

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