Soros: British EU Exit Would Trigger Exodus of Foreign Companies

Soros: British EU Exit Would Trigger Exodus of Foreign Companies

Billion speculator George Soros has said that a decision by Britain to leave the EU would lead to an exodus of major multinational companies.

Mr Soros, whose currency speculating helped devastate sterling in 1992, said that leaving the EU could cost the UK many jobs as foreign-owned companies may choose to leave. He added that Britain has the best of both worlds in being in the EU but not the Euro.

“I will leave it to the British business community, particularly the multinationals that set up factories here as an entry point into the common market, to explain to the public what they stand to lose.

“But in one word – jobs.”

Mr Soros made his comments yesterday in London while promoting his latest book, The Tragedy of the European Union. He also said that he doubts the Euro can survive as a currency in the long term, and that if just one country leaves it, it could create a knock-on effect that could the currency to disintegrate.

His comments on an EU exit have been contested, however.

Speaking to Breitbart London, Rory Broomfield, Director of the Better Off Out campaign, said: “The assumption that jobs depend on EU membership is untrue. Trade creates jobs and freedom from EU regulation would provide the best environment in which profits can be made and jobs created.

“Mr Soros also fails to mention that small businesses make up the majority of jobs in the UK, and they could benefit from not having a corporatist regulatory machine passing regulations that favour big business over small producers.

“The sooner people realise that the UK would be freer outside the EU, the better.”