Mark Mobius: It's time Theresa May to go

Veteran investor Mark Mobius had unforgiving words for the U.K.'s leadership ahead of crucial Brexit votes later this week.

At the Global Financial Forum in Dubai, the asset management mogul said it was Prime Minister Theresa May's time to go.

"I think May has got to go," the founder of Mobius Capital Partners fund said. "I think she doesn't have the leadership capability. You've got to have somebody who is going to be willing to say what she thinks, personally, and lead and say 'Look, I don't believe in Brexit, and we should change. I definitely think she's against Brexit — she was in the beginning. I'm sure now it's even more."

Indeed, the embattled prime minister quietly supported remaining in the European Union before the June 2016 Brexit vote, warning of adverse effects to the U.K.'s economy, security, and even its union with Scotland. Since becoming head of government, however, she has pledged to "honor the results of the referendum". "It's a mess. Why doesn't she come out and say 'I'm against this, I think it's a bad idea, these are the reasons, this is how it's going to affect us'?"

Mobius asked, adding that he expected the pound to weaken after this week's crucial parliament vote. Some experts say the pound could drop as much as 25 percent against the dollar in the event of a no-deal Brexit.

On Tuesday, lawmakers will vote for a second time on May's Brexit deal. If a simple majority of them don't approve the deal, they will then vote on whether they want to leave the 28-member bloc without a deal.

A no-deal Brexit would be catastrophic for the U.K. economy and spill over to international markets, a wide consensus of economists and business leaders have warned.

Source: CNBC
Image: Pixabay

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