George Soros says Britain's next election could cancel the UK's divorce with the EU

Brexit negotiators from Britain and the EU began formal talks on the U.K.'s exit from the bloc on Monday, however, billionaire financier George Soros predicted that if all goes well, both parties could look to cancel divorce proceedings before too long.

"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," Soros wrote in The Mail on Sunday, a right-wing leaning tabloid newspaper in the U.K.

"The divorce process would take at least five years, 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," he added.

Meantime, the EU's chief negotiator, Michel Barnier said his aim for Monday would be for Britain to agree to a format and timetable.

Soros argued if May is to continue in power then she must change her political approach. The billionaire investor suggested that May must prioritize the U.K.'s single market status for as long as it takes for the legalities of leaving the bloc to be resolved.

Source: Bloomberg Pro Terminal

Jr Trader Petar Milanov

Read more:

• PAUL TUDOR JONES: The next recession will be ‘frightening’
• Jim Rogers about the bubbles, emerging markets, Asia and something else
• Linda Raschke on Twitter: “So nice when someone sums up timeless guidelines with such a well organized layout”
• Ray Dalio: “The World Has Gone Mad and the System Is Broken.”
• Bill Gross: Cheap is not always cheerful in value investing