Tory donor bets £300 million on losses for UK firms after no-deal Brexit Crispin Odey is reportedly betting against at least 16 firms including Royal Mail and Intu

Crispin Odey, the pro-Brexit Conservative donor, reportedly waged a £300m bet against some of Britain’s biggest businesses on the implication their share prices will crash after Brexit.

The multimillionaire hedge fund tycoon’s company, Odey Asset Management, is understood to have taken out £299m in “short” positions on at least 16 firms including Royal Mail and Intu, the shopping centre owner.

Shorting involves borrowing currency or shares and selling immediately in the hope of buying them back later for less and pocketing the difference.

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On 23 July, when Boris Johnson was elected Tory party leader, Mr Odey’s company reportedly increased its “short” position in the high street lender Metro Bank. It currently has a £17.6m bet against the lender, according to a report in the Sunday Times.

‘It stinks’

Mr Odey is said to have backed shares in UK firms, such as supermarket chain Tesco, to rise.

Ian Murray, the Labour MP who champions the People’s Vote campaign, said: “It’s a disgrace to democracy that Johnson is happy to take money from a man who is betting against the country and who stands to make a mint if he forces no deal on us.

“It might not be illegal, but it stinks.”

In June, the City grandee donated £10,000 to Mr Johnson’s leadership campaign.

‘Gold in its mouth’

He previously contributed more than £800,000 to pro-Brexit campaigns and £32,000 to UKip during Nigel Farage’s tenure.

The businessman, thought to be worth £750million, made a reported £220million in 2016 after betting that a leave result would trigger the pound to crash.

Hours after the referendum result, he told the BBC: “There’s that Italian expression – ‘Il mattino ha l’oro in bocca’ – the morning has gold in its mouth, and never has one felt so much that idea as this morning.”

Mr Odey did not respond to the newspaper’s claims.