Pair of Brexit Supporters Say Brexit Won’t Happen

January 31, 2019 James Heinsman In the News

Will Brexit happen?

Hedge fund manager Crispin Odey and billionaire Peter Hargreaves, the second biggest supporter of the campaign to for Britain to leave the European Union in 2016, both say that Brexit will never happen.

Head of Odey Management, Odey, says his pessimism about Brexit is propelling him to position his assets in such a way that he will benefit from the strengthening of the pound he is expecting to see when Brexit fails. His flagship fund already grew as a result of his betting against UK assets amid general market worries about what Brexit might due to the economy.

The pair have lost faith that Brexit will take place due to the standstill Britain’s parliament has come to over the exit deal that Prime Minister Theresa May has come to with the EU. Due to the impasse there is a great deal of uncertainty about what will happen to Brexit.

Hargreaves, co-founder of Hargreaves Lansdown, said the politicians want to disengage from Brexit, which will lead to a deep distrust of politics and politicians in Britain. He added that he believes the government will first ask for an extension on the deadline to the formal exit process, and then they will ask for another referendum.

“I have totally given up. I am totally in despair, I don’t think Brexit will happen at all,” said Hargreaves. At the age of 72 he is one of Britain’s richest men. He donated 3.2 million pounds ($4 million) to the leave campaign. “They (pro-Europeans) are banking on the fact that people are so fed up with it that they will just say ‘sod it we will stay’. I do see that attitude. The problem is when something doesn’t happen for so long you feel less angry about it.”

Odey, who gave 870,000 pounds to pro-Brexit groups in 2016 does not believe there will be an second referendum, although he does agree Brexit will not happen.

“My view is that it ain’t going to happen,” Odey said. “I just can’t see how it happens with that configuration of parliament.”

Brexit, Crispin Odey, European Union, Hargreaves Lansdown, Odey Management,

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