Humanosity says…The Byline Times has been producing some excellent reporting on who has been funding the Brexit campaign. They have revealed how a small group of already wealthy individuals have made millions profiting from the push to take Britain out of the EU.
The report from the Byline Times highlights the scrutiny that Somerset Capital Management has come under. The fund run by Jacob Rees-Mogg has been reported by Channel 4 Dispatches programme to have made around £7 million during the continuing uncertainty over Brexit.
However, the focus of the Byline Times is on Crispin Odey who runs his own hedge fund along with partner James Hanbury. According to the Byline Times
Odey’s fund made £350 million in the wake of the surprise vote to leave the European Union in June 2016. That’s nearly half a billion dollars overnight. He did this by shorting the pound and moving 65% of his fund into gold in anticipation of the shock result in June 2016.
Giving a TV interview given to the BBC on the day after the referendum vote he stated: “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.”
While this elite group have profited from the last three years of economic uncertainty, Mark Carney, Governor of the Bank of England, estimated that real household incomes have dropped by almost £1,000 since the Brexit vote. The Centre for Economic Performance at the London School of Economics forecast that the average household could lose between £2,519 to £5,573 per year from real incomes over the next 15 years.