George Soros: Market crisis looms

Britain’s decision to leave the EU has “unleashed” a crisis in financial markets similar to the global financial crisis of 2007 and 2008, George Soros told the European Parliament in Brussels.

“This has been unfolding in slow motion, but Brexit will accelerate it. It is likely to reinforce the deflationary trends that were already prevalent,” the billionaire investor said yesterday.

Mr Soros rose to fame as the money manager who broke the Bank of England in 1992, netting a profit of $1bn with a wager that the UK would be forced to devalue the pound and pull it from the European Exchange Rate Mechanism.