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AFTER BREXIT: Soros predicts mounting debt and falling living standards for Britons.

George Soros warns Brexit is ‘lose-lose’ scenario for Brits and Europeans

“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.  Economic reality is beginning to catch up with the false hopes of the general population. They believed the promises of the popular press that Brexit would not reduce their living standards, so they managed to maintain those standards by running up their household debts. ”

“Once the experience of June is repeated in subsequent months, households will realize that their living standards are falling and they will have to adjust their spending habits.  To make matters worse, they will also realize 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.”


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