Soros: Brexit is a 'lose-lose' proposition for Britain and EU

Believes UK is at a 'tipping point'

Billionaire investor George Soros has warned the UK's exit from the European Union will lead to lower living standards in the country.

In a note written on Monday, Soros said Brexit was a "lose-lose" situation for both the UK and the EU although the UK, in particular, is facing a "tipping point". Although the UK initially showed resilience against Brexit risk, a weaker sterling has driven up the prices of goods, with inflation hitting 2.9% in May, leading to less consumer spending. According to Bloomberg, Soros said: "We are fast approaching the tipping point that characterises all unsustainable economic developments. Soros warns EU of 'existential crisis' ahead of Brexit talks "The fact is that Brexit is a los...