On Thursday, Influential individuals like soccer star David Beckham and wife Victoria, and Billionaire currency trader George Soros, will be pledging their support in order for the United Kingdom to stay within the European Union ahead of the big vote on Thursday over the contentious issue. David Cameron, who is the British prime minister, has also weighed in on the issue saying that the Brits don’t quit. Soros has said that the British vote that is in favor of leaving the 28-nation European union could do sever damage to the living standards and could trigger a plunge within the British pound. The plunge that could occur may even cause more damage than it did when it happened on Black Wednesday almost 24 years ago. The pound has the potential of falling by at least 15%, to being more then 20%, is what George Soros said in Tuesday’s Guardian newspaper in an opinion piece. It has been urged by Cameron, that the Britons that they vote for remaining in the bloc during a speech that he gave outside No. 10 Downing St., which took place just two days before the referendum. Soros has said that most likely, the fall in pound in the event of there being a “Brexit”, which is a exit of the British from EU, will be unlikely in bringing a rise of manufacturing exports, which was what happened after 1992.
European Exchange Rate Mechanism is a financial system, is a system that is used for reducing the volatility of exchange rates. At this time Soros Quantum Fund had bet that British currency had been overvalued in terms of Germany’s Deutsche market currency, which had forced the British government into pulling a pound from their system. The former mayor of London, and now a member of Parliament, Boris Johnson, is in favor of leaving the EU, has told the radio station LBC, that he would like to apologize to British people if the event occurs where the country does vote for Brexit, and if there is a recession following a Brexit. A poll that was released on Tuesday, showed through market research firm of Survation, for the spread-betting IG company that there is 45% that are in support of remaining, while 44% are in support of leaving. And a poll that was released by yougov from the times newspaper late Monday said that there was 42% that were planning to vote for remaining, and 44% that were planning to vote for leaving, while 9% that were still undecided. During a global stock that was rallied on Monday, investors went over, and reacted to results of the two polls, which showed the the vote to remain had been gaining momentum. And as of Tuesday, stocks were back up in the optimism that would be staying in EU.
Learn more about George Soros: