Hedge funds made millions off Brexit. And Nigel Farage’s fast-and-loose approach to the truth may have helped.

Nigel Farage celebrating the Brexit referendum result
Support us and go ad-free

It has emerged that hedge funds made millions off the collapse of the pound on the night of the Brexit vote.

And surprise surprise, Brexit’s ‘friend of the people’ Nigel Farage was at the centre of it all.

Payday

Speaking on LBC, Kit Chellel – co-author of Brexit’s Big Short: How Pollsters Helped Hedge Funds Beat the Crash – described how:

Hedge funds hired some of Britain’s best known polling firms to help them make a profit on one of the biggest currency crashes in history, which happened immediately after the country voted to leave the EU.

Chellel went on to explain why the Brexit vote was so valuable:

Part of the reason they could make a profit on this trade was that the financial markets – like so many people – had got this wrong. They miscalculated the chances of a Leave vote.

That made it very cheap for hedge funds to trade the pound and increase their potential profits. But they needed to have an accurate gauge of public opinion and that’s where the polling firms came in.

Various hedge funds had hired polling companies, including YouGov, in order to predict the financial markets and pocket millions. No wonder they were laughing:

Where’s Nigel?

As polls closed on 23 June 2016, Farage declared likely defeat for the Leave campaign in uncharacteristically gracious fashion. But an investigation by Bloomberg is accusing him of being fast and loose with the truth:

And key Brexiteers benefitted hugely from the timeline of events:

Observer journalist Carole Cadwalladr expertly summarised Bloomberg‘s findings:

Farage claims that Sky News “over-egged” his comments and rejected the idea that his admittance of defeat was an aim to influence financial markets.

Survation founder Damian Lyons-Lowe, meanwhile, stated:

Survation Ltd. has established itself as a leading opinion poll and research provider, including in respect of referendums and other elections where innovative methodologies are required. We work regularly for a wide variety of newspapers, private clients and political parties. Survation Ltd. does not comment on any confidential client work

By the elite, for the elite

Writing in the Guardian just days before the referendum, Paul Mason argued:

Take a look at the people leading the Brexit movement. Nigel Farage, Neil Hamilton, Boris Johnson, Michael Gove. They have fought all their lives for one objective: to give more power to employers and less to workers. Many leading Brexiters are on record as wanting to privatise the NHS. They revelled in the destruction of the working-class communities and cultures capable of staging real revolt. Sir James Dyson moved his factory to Malaysia, so much did he love the British workforce. They talk about defying the “elite”. But they are the elite.

So people shouldn’t really be shocked. Because friends help each other out:

Others are speculating as to whether there was more in it for Farage then just doing his pals a favour:

Either way, a certain group of people are benefiting from Brexit:

Hijacked

Farage and his cronies campaigned for Brexit through appealing to real issues affecting normal people, such as NHS funding.

Yet Bloomberg‘s revelations show who’s really thriving.

It’s sickening.

Get Involved!

Support The Canary so we can keep holding the powerful to account.

Featured image via YouTube

Support us and go ad-free

We need your help to keep speaking the truth

Every story that you have come to us with; each injustice you have asked us to investigate; every campaign we have fought; each of your unheard voices we amplified; we do this for you. We are making a difference on your behalf.

Our fight is your fight. You’ve supported our collective struggle every time you gave us a like; and every time you shared our work across social media. Now we need you to support us with a monthly donation.

We have published nearly 2,000 articles and over 50 films in 2021. And we want to do this and more in 2022 but we don’t have enough money to go on at this pace. So, if you value our work and want us to continue then please join us and be part of The Canary family.

In return, you get:

* Advert free reading experience
* Quarterly group video call with the Editor-in-Chief
* Behind the scenes monthly e-newsletter
* 20% discount in our shop

Almost all of our spending goes to the people who make The Canary’s content. So your contribution directly supports our writers and enables us to continue to do what we do: speaking truth, powered by you. We have weathered many attempts to shut us down and silence our vital opposition to an increasingly fascist government and right-wing mainstream media.

With your help we can continue:

* Holding political and state power to account
* Advocating for the people the system marginalises
* Being a media outlet that upholds the highest standards
* Campaigning on the issues others won’t
* Putting your lives central to everything we do

We are a drop of truth in an ocean of deceit. But we can’t do this without your support. So please, can you help us continue the fight?

The Canary Support us

Comments are closed