George Soros: British pound at a precipice

Billionaire currency trader George Soros has warned that a vote to leave the EU will trigger a plunge in the British pound greater than Black Wednesday but without the benefits seen after the crisis that made him a fortune.

The financier said he was certain sterling would fall steeply and quickly should voters back Brexit tomorrow, leading to a Black Friday scenario more immediate and dramatic than when Britain crashed out of the European exchange rate mechanism (ERM) in the 1990s. However, unlike the departure then, there would be none of the benefits to the economy seen by a devalued pound and most voters will be left “considerably poorer”, he predicted.

Mr Soros said it was wishful thinking by many that a Leave vote would have little effect on their personal finances, with only a lucky few City speculators in line to get rich on such a move.