Billionaire investor George Soros predicts Theresa May 'will not last' as UK Prime Minister
Billionaire investor George Soros has predicted that Theresa May "will not last" as Prime Minister.
Mr Soros, one of the world's richest men who made a billion dollars betting against sterling on Black Wednesday in 1992, said it was possible that the UK will apply to rejoin the European Union soon after Brexit.
The Hungarian-American businessman said he expected living standards in the UK to fall due to inflation during the process of Brexit negotiations, to the extent that voters decide they are heading in "the wrong direction". Reversing Brexit could happen in a matter of days, he suggested.
Speaking to Bloomberg TV at the World Economic Forum in Davos, Switzerland, Mr Soros said: "In my opinion it is unlikely that Prime Minister May is actually going to remain in power. Already she has got a very divided Cabinet, a very small majority in Parliament. And I think she will not last."
Mr Soros said that the British people were currently "in denial" about the impact of Brexit.
"The current economic situation is not as bad as was predicted and they live in hope," he said. "But as the currency depreciates and inflation will be the driving force, that will lead to declining living standards.
"This is going to take some time, but when it does happen they'll realise that they are earning less than before because wages won't rise as fast as the cost of living.
"The divorce is going to take a very long time.
"It's much harder to divorce than to get married, so I think the desire for rapprochement will develop, and in theory or maybe even in practice you could have a situation in 2019 or 2020 when Britain would leave the EU, because it does have to take place, but they could leave on a Friday evening and join over the weekend and have the new arrangement in place on Monday morning."
Mr Soros admitted his earlier prediction that the EU could disintegrate as a result of Brexit was "a slight exaggeration".
But he warned that it could instead face domination by Vladimir Putin's Russia, which would be "not much better".
He said the EU had become "dysfunctional" because its laws had failed to adapt to changing circumstances since the 2008 financial crash.
The consequences of a break-up would be "dire", he warned, adding: "We must make an effort to preserve the EU in order to thoroughly reinvent it."