George Soros backs anti-Brexit campaign with £400000 donation

George Soros backs anti-Brexit campaign with £400000 donation

George Soros, 87, a Hungarian-American investor who has already donated $18 billion to democracy projects around the world, waded into the Brexit debate on Thursday by saying he would help pay for a campaign to reverse the vote.

According to a report by The Guardian Wednesday night, Soros, who has backed progressive-left candidates and causes both in the USA and overseas, has given more than $562,000 to the "Best for Britain" campaign, which aims to negate the results of the Brexit referendum and maintain Britain's membership in the EU.

The business magnate is the founder of the Open Society Foundation (OSF), and made over £1 billion betting against the pound on Black Wednesday, which forced the United Kingdom government to pull it from the European exchange rate mechanism.

"Indeed through his foundations he has contributed £400,000", Malloch-Brown, who has previously worked in senior positions at the United Nations and Britain's foreign ministry, said in a statement emailed to Reuters. Soros's contributions to the group were first reported in the Daily Telegraph newspaper.

Supporters of Brexit say it will free Britain from a German-dominated experiment in European unity and allow the economy to eventually thrive. "We, like millions of people, believe that Britain should lead, not leave, Europe, " he said.

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Meanwhile, free trade deals with non-EU countries would add less than 1 per cent to the long-term growth of the United Kingdom economy, The Times reported citing a leaked government analysis of Brexit.

Following the vote, Prime Minister David Cameron (Conservative) resigned and was replaced by Theresa May, who vowed to implement a "hard Brexit" - removing the United Kingdom from the EU's single market, thus giving Britain control over the so-called "four freedoms" of movement: the movement of people within the European Union, the transfer of capital; trade; and services.

A spokesman for Soros did not immediately respond to requests for comment.

The Jewish billionaire whose bet against the pound caused the United Kingdom to crash out of the European Exchange Rate Mechanism in 1992 is stumping up £400,000 to keep Britain in the European Union.

Soros, who was born in Hungary but made his way to London as Communists consolidated power in Budapest, said past year that Britain was approaching a tipping point that would see the economy slow to such an extent that Brexit might even be reversed.

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