Tags: Soros | Scotland | UK | EU

Soros: 'Worst Possible Time' for Scotland to Quit the UK

By    |   Thursday, 11 September 2014 10:15 PM

Scotland's referendum on whether to declare independence from the United Kingdom is scheduled for next week (Sept. 18), and experts are bracing for a global impact as polls indicate the vote will be close.

Hedge fund legend George Soros and others worry that if Scotland decides to go on its own, the UK will then withdraw from the European Union, as Scots are among the biggest EU supporters in Britain.

"This is the worst possible time for Britain to consider leaving the EU or for Scotland to break with Britain," Soros, chairman of Soros Fund Management, writes in the Financial Times.

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"As a major power and global financial center, Britain ought to be centrally involved in crafting a European response" to the threat against democracy posed by Russian President Vladimir Putin, Soros says.

As for Scotland, it may have major policy disagreements with the rest of the United Kingdom. "But Scotland would be better placed to attain its political goals as part of a united Britain that is part of the EU," he writes.

Meanwhile, Harvard economist Ken Rogoff says the aftermath of Scotland's vote won't be pretty regardless of the outcome.

"It's certainly a disaster for Scotland. First and foremost, it's going to be a horrible adjustment," Rogoff told CNBC. "Even if it doesn't pass, people are not going to want to invest there, because they might do it again. People will migrate out of there."

The EU will suffer too, as other autonomous regions, such as Catalonia in Spain, are inspired to seek independence, Rogoff said.

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Scotland's referendum on whether to declare independence from the United Kingdom is scheduled for next week, and hedge fund legend George Soros says the vote is coming "is the worst possible time."
Soros, Scotland, UK, EU
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2014-15-11
Thursday, 11 September 2014 10:15 PM
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