Billionaire investor, Guy Hands gave the view that Britain has the potential to become the 'sick country of Europe' and may have to get a bailout from the International Monetary Fund (IMF) if they do not intend to renegotiate their Brexit deal. The billionaire insists the United Kingdom's current economic problems are the seeds of a poorly negotiated Brexit deal.
On that basis, Guy Hands firmly warned that Britain needs to renegotiate Brexit if it doesn't want something worse to happen. According to Hands, he personally views Britain's withdrawal from the European Union (EU) as the main cause of the United Kingdom's ongoing economic problems.
Based on The Telegraph's report, Hands believes that Britain's economic turmoil can be said to have almost reached its peak when the pound has reached its lowest exchange rate against the US dollar since six years ago and could eventually lead to a 'sick' country.
While Britain may not need an immediate bailout, Hands, founder of private equity firm Terra Firma, insists such financial aid could become a reality if UK ministers fail to renegotiate the Brexit deal.
Continued tax increases, continued reductions in improvements and reductions in social services and higher interest rates could lead to the need for a bailout from the IMF.
The proposed tax cuts by Kwasi Kwarteng, the former chancellor of the United Kingdom's exchequer, have spooked the financial markets and pushed the pound to its lowest level against the US dollar.
The pound currency however has so far started to rise against the US dollar with a strong trade of 0.49% to a trading level of 1.1330 following UK hopes under the leadership of Rishi Sunak.
