George Soros predicts Brexit will be reversed

Billionnaire investor George Soros referred to Donald Trump as a "would-be dictator" and predicted that the incoming US president would be a failure, in an address to business leaders and journalists at the World Economic Forum in Davos, Switzerland.

George Soros predicts Brexit will be reversed

Soros was also dismissive of Theresa May's chances of enjoying a long stint as prime minister, stating that the challenge of the upcoming Brexit negotiations would tear her government apart.

Trump, he said, was an "impostor and con man" who was "gearing up for a trade war" which would have "a very far-reaching effect in Europe and other parts of the world".

But he added: "I personally have confidence that he’s going to fail … because his ideas that guide him are inherently self-contradictory."

On May, he said: "In my opinion it is unlikely that prime minister May is actually going to remain in power. Already she has a very divided cabinet, a very small majority in parliament. And I think she will not last."

He went on to describe the prospects of the UK achieving the kind of break from Europe May has said she is aiming for as slim.

"At the moment the people in the UK are in denial. The current economic situation is not as bad as was predicted and they live in hope. But as the currency depreciates, and inflation will be the driving force, this will lead to declining living standards.

"This is going to take some time, but when it does happen they’ll realise that they are earning less than before because wages won’t rise as fast as the cost of living.

"The divorce is going to take a very long time. It’s much harder to divorce than to get married, so I think the desire for rapprochement will develop, and in theory or maybe even in practice you could have a situation in 2019 or 2020 when Britain will leave the EU, because it does have to take place, but they could leave on a Friday but join over the weekend and have the new arrangement in place in Monday morning."

Topics