The UK poll to determine whether to stay or leave the European Union is fast approaching. Prominent world figures like American Billionaire George Soros, Soccer legend David Beckham, and British Prime Minister David Cameron strongly backed the remaining campaign. Billionaire George Soros, especially, evoked memories of the 1992 Black Wednesday UK currency crisis by warning Britain of dire consequences should they choose to exit the 18-member European Union.
The British Prime Minister also had his fair share of opinion by saying and I quote, ‘’ Brits don’t quit.” In a last ditch campaign televised throughout the world.
David Beckham, Britain’s own and one of the most revered soccer players on the planet urged citizens to vote ‘’remain” in the Friday referendum for the greater good of their children and their children’s children. He further went on to say that today’s world problems can only be solved together as one.
His wife Victoria Beckham, who is a singer and fashion icon on Tuesday, echoed the words of his husband by stating that she believes in her country and the future of her children where they are stronger together, She explicitly said that she supports team ‘’remain”. She even found herself at crossroads with ‘’Brexit” proponents after declaring that the group misquoted comments she made years ago.
In an opinion piece in the Guardian paper Tuesday, George Soros reiterated that the pound was more likely to fall by 15%. If it happens, it could well be a carbon copy of the 1992 crash in Britain’s exchange rate, where the British Pound lost more than 15% of its value.
He further said that Britain’s exit from the EU is unlikely to replicate the 1992 scenario where the weight fell, but manufacturing exports rose significantly. He predicted that 1British pound would be equal or worth to 1 Euros if the pound plummets to this level.
At that time, The European Exchange Rate Mechanism was the tool or financial system for that matter that was employed to trim down exchange rates volatility substantially. This is when George Soros with his Quantum fund put a big fat check to bet, declaring that the British pound was overvalued against the Deutsche mark which was the German currency. The prediction came to pass, and Britain’s hands were forced; they pulled the weight out of the financial system. Soros earned an astonishing $1.5 billion in the wake of the incident.
Michael Groove, the current Britain’s Justice Secretary, on the flip side, said Soros predictions were wrong. Michael Groove is a staunch supporter of the ‘leave” campaign. He argued that economic forecasts are never always accurate, and if it were reliable, many people would be billionaires today.
Former mayor and current Member of Parliament, Boris Johnson, who is also a staunch proponent of the ‘’leave” campaign, categorically stated that he will personally apologize to the British people if they vote to leave, and recession occurs. He was exclusively talking to radio station LBC.
Latest polls conducted by Survation, for spread-betting company IG, a research market firm, suggests that the ‘’remain” was slightly ahead with %7% compare with 44% who supported ‘’leave.” On the contrary, YouGov conducted research for The Times Newspaper and indicated that the ‘’remain” campaign was 42% below the ‘’leave” drive at 44%. The study further noted that 9% of the population was undecided which could well tip the scales eventually.
World stock markets reacted to research polls indicating ‘’remain” gaining momentum. The global stocks moved up Tuesday in anticipation that the UK will stay in the Larger European Union.
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