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The 86-year-old said Britons could "change their minds" following last year's historic vote to quit the European Union (EU). He predicted the country's economy would be plunged into crisis unless divorce talks with Brussels are abandoned. Mr Soros, who made a fortune betting against the pound in 1992, said: "The moment of truth is fast approaching.

Brexit is a lose-lose proposition, harmful to both Britain and the EU George Soros

"The fact is that Brexit is a lose-lose proposition, harmful both to Britain and the European Union. It cannot be undone, but people can change their minds. "Apparently, this is happening. Theresa May's attempt to strengthen her negotiating position by holding a snap election has badly misfired. She lost her majority." His comments come a day after Cabinet minister David Davis and EU negotiator Michel Barnier began Brexit talks in Brussels.

GETTY Billionaire investor George Soros said Brexit could be reversed

Remoaners Club: These people hate Brexit! Mon, January 16, 2017 Remainers are finding it hard to accept Brexit. Play slideshow AFP/Getty Images 1 of 14 NICK CLEGG

But doom-mongering Mr Soros said Brexit voters have yet to realise the economic impact of the UK quitting the bloc. He said: "Households will realise that their living standards are falling and they will have to adjust their spending habits. "To make matters worse, they will also realise that they have become over-indebted and they will have to pay back their debts. "This will reduce the household consumption that has sustained the economy even further."

GETTY The 86-year-old made a fortune betting against the pound in 1992

The UK is expected to leave the EU in March 2019 following a two-year negotiation period. But Mr Soros predicted it would take until as long as 2022 for the Government to secure a favourable trade deal. He said: "The divorce process would take at least five years to complete, and during that time new elections would take place. "If all went well, the two parties may want to remarry even before they have divorced."

GETTY Soros with Jean-Claude Juncker, president of the European Commission