POLITICS

George Soros Warns EU Brexit Will Cause UK Job Losses

12/03/2014 12:30 GMT | Updated 12/03/2014 15:59 GMT
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George Soros, billionaire and founder of Soros Fund Management LLC, speaks during a Bloomberg Television interview in London, U.K., on Wednesday, March 12, 2014. Soros said Europe faces 25 years of Japanese-style stagnation unless politicians pursue further integration of the currency bloc and change policies that have discouraged banks from lending. Photographer: Simon Dawson/Bloomberg via Getty Images

Britain will suffer major job losses if it decides to leave the European Union, billionaire investor George Soros has warned.

Speaking to the Huffington Post UK, the hedge fund boss pointed to concerns expressed by multinational corporations about Britain's possible exit leading to job losses.

He said: "I'll leave it to the business community particuarly the multinationals that set up factories  here as an entry point to the common market to explain to the British public what they stand to lose - in one word - jobs!"

Big husinesses like car giants Ford, Hyundai and Toyota, along with the Confederation of British Industry, have warned against Britain leaving the EU.

In response to Soros' remarks, Lib Dem business secretary Vince Cable said: "Many of the foreign investors I speak to have made it clear that our membership of the EU is one of the key reasons they choose to invest in Britain."

"Pulling out of the EU would mean losing unfettered access to our biggest export market and losing influence over its rules."

"Liberal Democrats want to see Britain standing tall in Europe so we can lead the drive for growth and jobs and preserve our status as a dynamic, open and outward-facing economy."

Soros, who infamously nearly broke the Bank of England in 1992 by betting around £10bn on the devaluation of the pound, spoke to mark the publication of his new book "The Tragedy of the European Union".

Soros earlier today told the BBC that the UK was in the "best of all worlds" as a member of the European Union and not of the eurozone currency area.

Europhiles argue that a British exit from the European Union could lead to up to 3 million job losses, a figure dismissed by Eurosceptics.