Soros Says Brexit Aftermath Will Be Worse Than Time He Broke the Bank of England

by William Watts
Market Watch

George Soros “broke the Bank of England” in 1992 with his famous bet against the British pound. Now, he’s warning that a U.K. vote this week to leave the European Union would do far more damage to the currency—and the British economy—than the aftermath of his bet “Black Wednesday” ever did.

In a guest column for Britain’s Guardian newspaper published Tuesday, Soros notes that he was praised for triggering the 1992 devaluation of the British pound GBPUSD, -0.2857% that followed the currency’s ejection from the European exchange-rate mechanism. That’s because the move gave a lift to a U.K. economy held back by a stronger-than-justified pound that was being defended by ever-higher interest rates.

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