Billionaire investor George Soros has warned the Chancellor's austerity budget will return the UK to recession unless the government curbs its spending cuts.
Soros's warning comes just one day after shock data from the Office for National Statistics showed the economy contracted by 0.5% in the final three months of last year, raising fears of a double dip recession. Speaking at the World Economic Forum (WEF) in Davos, the hedge fund manager said Britain's austerity measures risked killing off economic growth, the Telegraph reports. "I don't think they can be implemented without pushing the economy into a recession," he said. "My expectation is that it will prove to be unsustainable." Soros is most famous in the UK for "breaking the...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
