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

George Soros, billionaire and founder of Soros Fund Management LLC
Jason Alden | Bloomberg | Getty Images
George Soros, billionaire and founder of Soros Fund Management LLC

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.

Speaking in Brussels on Monday, Britain's Brexit minister, David Davis, said he hoped the U.K. and Europe would be able to form a "new, deep and special partnership" as a result of formal negotiations. Davis added London sought to find a "positive and constructive tone" in the ongoing discussions.

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

Single market access the key for May

A pro-remain protester holds up an EU flag with one of the stars symbolically cut out in front of the Houses of Parliament shortly after British Prime Minister Theresa May announced to the House of Commons that Article 50 had been triggered in London on March 29, 2017.
Oli Scarff | AFP | Getty Images
A pro-remain protester holds up an EU flag with one of the stars symbolically cut out in front of the Houses of Parliament shortly after British Prime Minister Theresa May announced to the House of Commons that Article 50 had been triggered in London on March 29, 2017.

The first day of talks – almost a year to the day after U.K. citizens narrowly voted to leave the bloc – mark the first step on a complex process to leave the EU following over four decades of integration.

U.K. Prime Minister Theresa May had called an early election in June with hopes of securing a stronger mandate throughout the Brexit talks. Instead, May lost her parliamentary majority in an electoral gamble.

The aftermath of the inconclusive vote has left Britain's prime minister scrambling to try and form a power-sharing agreement with the Democratic Unionist Party in order to form a minority government.

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.

"Only by taking this path can she hope to persuade Parliament to pass the laws that need to be enacted."