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Europe

George Soros says leaving EU will trigger UK currency crisis

Associated Press
Published | Updated
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    Former London Mayor Boris Johnson attends a service of prayer and remembrance in St Margaret's Church, London, Monday, June 20, 2016, to commemorate Jo Cox, the 41-year-old Member of Parliament fatally shot last week in northern England. The mother of two was shot Thursday afternoon in her constituency near Leeds. The man charged with her slaying made a brief appearance in court by video link from prison Monday. (Yui Mok/Pool via AP) (The Associated Press)

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    British Prime Minister David Cameron makes a statement appealing for people to vote to remain in the European Union outside 10 Downing Street in London, Tuesday, June 21, 2016. Britain votes whether to stay in the EU in a referendum on Thursday. (AP Photo/Matt Dunham) (The Associated Press)

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    British Prime Minister David Cameron makes a statement appealing for people to vote to remain in the European Union outside 10 Downing Street in London, Tuesday, June 21, 2016. Britain votes whether to stay in the EU in a referendum on Thursday. (AP Photo/Matt Dunham) (The Associated Press)

LONDON – Billionaire currency trader George Soros has warned that a vote for Britain to leave European Union will trigger a plunge in the pound — without benefits that can come with a devalued currency.

In an op-ed piece in Tuesday's Guardian, Soros says a decision to leave the 28-nation bloc in Thursday's vote will cause sterling to drop quickly. Soros predicted the drop will be more dramatic than when Britain crashed out of the European Exchange Rate Mechanism in September 1992.

Soros substantially profited — at the expense of the Bank of England and the British government — when the pound lost 15 percent of its value.

Soros says those who believe a "leave" vote will have no impact on their personal finances are guilty of "wishful thinking."