EU Referendum: Europe heading for a 'monumental crisis', says entrepreneur Jim Mellon

Europe is about to have a 'monumental crisis', says entrepreneur Jim Mellon

A flagging economy: dark times lies ahead for Europe, says business guru

Tuesday, June 7, 2016

One of Britain's richest men insists that Europe is facing a "monumental crisis" and that Britain would be far better off financially by removing itself from the EU. 

Jim Mellon, entrepreneur, fund manager and author of Wake Up! Survive and Prosper in the Coming Economic Turmoil is a regular near the top of The Sunday Times rich list and is credited with predicting the last economic recession to strike the UK. 

He warned talkRADIO listeners of the consequences of the country voting to within the European Union on 23 June.

“At the moment [it's like] we are in a house," he told Paul Ross. "There are flames licking at the sofa and at the basement of the house. 

"We have an opportunity of jumping out before it burns down – we’re unique in that, we’re the only country out of all 28 in the European Union to be having a referendum.

“It’s definitely going to burn down, in my opinion, and we should take the chance while we have it and get out. 

"Europe is going to plunge into a multi-year depression as a result of the problems, principally in France and Italy, which are just too big to bail out."

The businessman disagrees with remain campaigners who claim Britain will not have to bail out other countries if the country remains within the Union.

"We bailed out Greece, we bailed out Ireland," he said. "David Cameron said we would pay the extra £1.8 billion the European Union demanded from us 'over my dead body', and sure enough we paid it.

"[France and Italy are] in what is known as a debt trap, which means they can't grow their economy fast enough to repay debts or bring down debt mountains they have.

"There is going to be a real problem in relation to those countries in the next three to five years."

"There's [a crisis] coming, a monumental crisis in my opinion."