Brexit U-turn: How George Soros claimed UK may reverse decision to leave EU
GEORGE SOROS claimed that Britain's economy would slow down to such an extent that Brexit could be reversed, unearthed reports reveal.
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Britain and the EU will kick off the first round of talks on their future relationship this afternoon. While the two sides are set for a big showdown – as they have starkly different views on what constitutes fair competition between their economies – a trade deal with the US appears to be a lot more straightforward for Britain. This morning, International Trade Secretary Liz Truss published the country's five negotiating aims.
The 180-page document pledges to protect the NHS, maintain food standards, lower import taxes, or tariffs, on many UK exports – and increase trade in services.
It estimates that a deal with the US could boost transatlantic trade by some £15.3billion, and add £3.4billion to the UK economy.
As Britain tries to reassert itself as a "great and global free-trading country", a 2018 report has resurfaced, in which pro-EU businessman George Soros claimed that the UK's economy would have slowed down to such an extent that Brexit could have been reversed.
The Hungarian-born currency speculator, now a US citizen, became known as the "man who broke the Bank of England" after he bet against the pound in 1992, forcing Britain out of the European Exchange Rate Mechanism.
He is reported to have given around £500,000 to Best for Britain, which was set up by anti-Brexit campaigner Gina Miller.
In an article emailed to reporters in July 2017, Mr Soros said: “The moment of truth is fast approaching.
“The fact is that Brexit is a lose-lose proposition, harmful both to Britain and the European Union.
"It cannot be undone, but people can change their minds.
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“Households will realise that their living standards are falling and they will have to adjust their spending habits.
"To make matters worse, they will also realise that they have become over-indebted and they will have to pay back their debts.”
Mr Soros added that if then-Prime Minister Theresa May wanted to stay in power, she would have had to change her approach and take account of young people who he said wanted to find well-paying jobs.
She should, Mr Soros said, seek to keep Britain in the EU's single market as Britain tried to extract itself.
He noted: “The divorce process would take at least five years to complete, and during that time new elections would take place.
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“If all went well, the two parties may want to remarry even before they have divorced.”
Unlike what Mr Soros had predicted, Boris Johnson secured a crushing victory in the December 12 general election, as voters backed his promise to “get Brexit done”.
Moreover, last month, the International Monetary Fund (IMF) said Britain’s economy is set to power ahead after Brexit, outpacing the eurozone and other major European countries.
The findings of two studies published by the the body show the UK is on track for two years of growth and is anticipated to outperform Germany, France and Italy.
The economy is expected to expand by 1.4 percent this year and by 1.5 percent in 2021.
The predictions are based on the condition that an orderly Brexit will take place after the end of the transition period.