George Soros has warned that a vote to leave the European Union will create a 'Black Friday' far more damaging than when he bet against sterling and forced the UK out of the European Exchange Mechanism in 1992.

Writing in the Guardian, Mr Soros said that sterling could fall more than 20pc, and that it would be far greater and more damaging than Black Wednesday because a devaluation would have none of the advantages.

He wrote: “I would expect this devaluation to be bigger and also more disruptive than the 15pc ­devaluation that occurred in September 1992, when I was fortunate enough to make a ­substantial profit for my hedge fund investors at the expense of the Bank of England and the British government.”

Mr Soros, dubbed "the man who broke the Bank of England", added that a vote to leave would largely benefit speculators. “Brexit would make some people very rich — but most voters considerably poorer," he wrote.