At the time, Soros was working as a currency speculator with the Quantum Fund. He led the charge of speculators who attacked the pound, buying up gilts, selling them like crazy, then buying them back again at cheaper prices. While this was legal, it was also immoral. Soros later said heโd made ยฃ1 billion that day selling sterling he didnโt own.
It's all about the Prime Interest Rate?
Variable interest rates are normally described as "Prime" plus or minus a delta (the markup or discount). This delta is usually expressed in percentage points. An example variable rate with a delta of 1% would be described as "Prime + 1%". Prime can also be abbreviated as "P" and be described as "P + 1%".
https://wowa.ca/banks/prime-rates-canada#:~:text=Variable%20interest%20rates%20are%20normally%20described%20as%20%22Prime%22,%22P%22%20and%20be%20described%20as%20%22P%20%2B%201%25%22.