IslingtonTribune

The independent London newspaper

Soros, best for Britain?

01 June, 2018

• GEORGE Soros is backing anti-Brexit Best for Britain. The aim is to secure a second referendum on EU membership.

In 1992, the same George Soros used his Quantum Fund, a hedge fund, to bet that the pound would fall in value and sought to make this happen by intervening in the market. George won and made £1billion. The UK lost and it cost men, women and children over £3bn.

If Mr Soros had not made his bet, the likelihood is that the UK would not have been forced out of the ERM, which it had joined in 1990, and would have moved smoothly to replacing the pound with the euro in 1999.

If this had happened it is most unlikely that anyone would have the appetite to leave the EU, with all the disruption occasioned by having to replace the currency. We would have carried on regardless as a full member of the eurozone. Guess George did us a real favour when he hit the jackpot. Is he coming back for a second go?

It is unsavoury that Mr Soros finds support among the Remainers for funding Best for Britain when he cast the UK in the role of loser in 1992. I remember September 16, 1992, and the very real distress caused.

As a result of the actions taken by the Chancellor and the Bank of England to keep sterling in the ERM people were in real fear of losing their homes and of being unable to service loans that had been responsibly taken out. Some feared bankruptcy. Who wouldn’t when bank rate was raised to 15 per cent?

I suggest Best for Britain keep their friends very close.

STEPHEN SOUTHAM
Mildmay Grove North, N1

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