Sterling's fall after Brexit will be bigger than on 'Black Wednesday', says Soros

London

GEORGE Soros, the billionaire who earned fame by betting against the pound in 1992, said that a British vote on Thursday to leave the European Union would trigger a bigger and more disruptive sterling devaluation than the fall on Black Wednesday.

Mr Soros used Quantum Fund in 1992 to bet successfully that sterling was overvalued against the Deutschemark, forcing then-prime minister John Major to pull the pound out of the European Exchange Rate Mechanism (ERM).

Mr Soros, in an opinion piece in The Guardian newspaper, said that in the event of a British exit, the pound would fall by at least 15 per cent, and possibly more than 20 per cent, to below US$1.15 from its c…