BILLIONAIRE investor George Soros has branded Brexit a “lose-lose proposition” and claimed it can be reversed.
The 86-year-old said Britons could “change their minds” following last year’s historic vote to quit the European Union (EU).
He predicted the country’s economy would be plunged into crisis unless divorce talks with Brussels are abandoned.
Mr Soros, who made a fortune betting against the pound in 1992, said: “The moment of truth is fast approaching.
“We are fast approaching the tipping point that characterises all unsustainable economic developments.
“The fact is that Brexit is a lose-lose proposition, harmful both to Britain and the European Union. It cannot be undone, but people can change their minds.
Apparently, this is happening. Theresa May’s attempt to strengthen her negotiating position by holding a snap election has badly misfired. She lost her majority.”
His comments come a day after Cabinet minister David Davis and EU negotiator Michel Barnier began Brexit talks in Brussels.
But doom-mongering Mr Soros said Brexit voters have yet to realise the economic impact of the UK quitting the bloc.
He said: “Households will realise that their living standards are falling and they will have to adjust their spending habits.
“To make matters worse, they will also realise that they have become over-indebted and they will have to pay back their debts.
“This will reduce the household consumption that has sustained the economy even further.”
The UK is expected to leave the EU in March 2019 following a two-year negotiation period.
But Mr Soros predicted it would take until as long as 2022 for the Government to secure a favourable trade deal.
He said: “The divorce process would take at least five years to complete, and during that time new elections would take place.
“If all went well, the two parties may want to remarry even before they have divorced.”
However, in an interview with the Sunday Express last week, Mr Davis said he was certain the UK will quit the bloc.
He said: “There should be no doubt – we are leaving the European Union and delivering on that historic referendum result.
“Now the hard work begins. We must secure a deal that works for all parts of the United Kingdom, and enables us to become a truly global Britain.”