George Soros: I Did Not Bet Against the Pound Before Brexit

George Soros warned against the dangers of Brexit

by Marion Dakers, Financial Services Editor

George Soros, the billionaire who bet against the pound on Black Wednesday in 1992, did not repeat the trick during the Brexit turmoil that has so far wiped 11pc off the value of sterling against the dollar.

Mr Soros made a public warning about the risks of Britain leaving the EU in the days leading up to last Thursday’s referendum, predicting that the pound could fall below $1.15, but did not follow this up with a bet on the currency’s slump.

Sterling has dropped from $1.48 since Thursday night to below $1.32, its lowest in 31 years, and remains volatile.

“George Soros did not speculate against sterling while he was arguing for Britain to remain in the European Union,” a spokesman for Mr Soros said on Monday. “In fact, he was long the British Pound leading up to the vote.”

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