An investor worth more than $1 billion who correctly forecast the Great Recession is backing Brexit and warns the European Union faces “years of turbulence.”
Jim Mellon, one of the richest men in Britain, argues the United Kingdom would be economically safer and richer outside the EU.
Mellon’s 2006 book, “Wake-Up: Survive and Prosper in the Coming Economic Turmoil” is seen by some as prophetic regarding the crash of 2008. The book warned of a recession sparked by a crisis in the American housing market.
Mellon chimed in on the debate over Britain’s EU membership and the future of the Eurozone Monday, forecasting the currency block is facing “years of turbulence” and the euro will break up at some point in the next three to five years.
“In those circumstances I believe Britain is better off outside the European Union,” Mellon said in a YouTube video. Mellon speculates there may be an opportunity to join a reformed EU after the eurozone breaks but in the meantime, Britain is safer pulling out.
“So my bottom line message as a businessman, as an economist, as someone who has got a good record in forecasting is that if we stay in the European Union we are gonna be in deep trouble,” said Mellon.
An ICM poll Monday showed the Brexit camp taking a five-point lead — the largest yet seen — while a YouGov survey put Brexit four points ahead of the “Stay” campaign, at 45 to 41 percent. (RELATED: UK Currency Sliding As Brexit Jumps Ahead In The Polls)
“There has been a couple of polls in a row all showing movement towards Leave — I suppose there might be finally some movement in the race,” Anthony Wells, director of political research at YouGov, told Reuters.
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