Soros warns Brexit is "lose-lose" scenario

Flickr/ Heinrich-Böll-Stiftung

Billionaire investor George Soros says Brexit is a "lose-lose proposition" for the United Kingdom and the European Union. Soros is best known for bringing the Bank of England to its knees by short-selling the pound.

"We are fast approaching the tipping point that characterizes all unsustainable economic developments," Soros wrote in an op-ed published Monday on the website of the Project Syndicate news organization.

"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," the businessman wrote.

Soros predicts mounting debt and falling living standards for Britons.

"Economic reality is beginning to catch up with the false hopes of the general population. They believed the...