They've gone full Guardian... almost if they don't like Labour's tax plans.
*B* cancelled and Labour led coalition. 2020 will be spectacular for us Short Sellers
Super-rich prepare to leave UK 'within minutes' if Labour wins election | News | The Guardian
*B* cancelled and Labour led coalition. 2020 will be spectacular for us Short Sellers
The super-rich are preparing to immediately leave the UK if Jeremy Corbyn becomes prime minister, fearing they will lose billions of pounds if the Labour leader does “go after” the wealthy elite with new taxes, possible capital controls and a clampdown on private schools.
Lawyers and accountants for the UK’s richest families said they had been deluged with calls from millionaire and billionaire clients asking for help and advice on moving countries, shifting their fortunes offshore and making early gifts to their children to avoid the Labour leader’s threat to tax all inheritances above £125,000.
The advisers said a Corbyn-led government was viewed as a far greater threat to the wealth and quality of life of the richest 1% than a hard Brexit.
Corbyn's super-rich targets: who are they and what could he do?
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Geoffrey Todd, a partner at the law firm Boodle Hatfield, said many of his clients had already put plans in place to transfer their wealth out of the country within minutes if Corbyn is elected.
“Lots of high-net worth individuals are worried about having to pay much higher taxes on their wealth and have already prepared for the possibility of a Corbyn government,” he said. “Transfers of wealth are already arranged – in many cases, all that is missing is a signature on the contract.
“There will be plenty of people on the phone to their lawyers in the early hours of 13 December if Labour wins. Movements of capital to new owners and different locations are already prepared, and they are just awaiting final approval.”
Dominic Samuelson, the chief executive of Campden Wealth, which advises more than 3,500 rich families, said: “From the ultra-high net worth perspective, a Labour government under Corbyn is a much greater threat to them and their businesses and their wealth than Brexit.”
On Thursday, Corbyn singled out five members of “the elite” that a Labour government would go after in order to rebalance the country.
He claimed Mike Ashley, the billionaire owner of Sports Direct and Newcastle United, was a “bad boss” who exploited his workers through zero-hours contracts. Ashley hit back, telling the Financial Times: “Corbyn’s not only a liar but clueless.”
The Labour leader also named the “greedy banker” Crispin Odey, the hedge fund manager who made £220m betting against the pound in the run-up to the EU referendum. Odey responded by telling the Daily Telegraph: “Luckily they [Labour] can’t even run a campaign, let alone the country.”
Lawyers and accountants for the UK’s richest families said they had been deluged with calls from millionaire and billionaire clients asking for help and advice on moving countries, shifting their fortunes offshore and making early gifts to their children to avoid the Labour leader’s threat to tax all inheritances above £125,000.
The advisers said a Corbyn-led government was viewed as a far greater threat to the wealth and quality of life of the richest 1% than a hard Brexit.
Corbyn's super-rich targets: who are they and what could he do?
Read more
Geoffrey Todd, a partner at the law firm Boodle Hatfield, said many of his clients had already put plans in place to transfer their wealth out of the country within minutes if Corbyn is elected.
“Lots of high-net worth individuals are worried about having to pay much higher taxes on their wealth and have already prepared for the possibility of a Corbyn government,” he said. “Transfers of wealth are already arranged – in many cases, all that is missing is a signature on the contract.
“There will be plenty of people on the phone to their lawyers in the early hours of 13 December if Labour wins. Movements of capital to new owners and different locations are already prepared, and they are just awaiting final approval.”
Dominic Samuelson, the chief executive of Campden Wealth, which advises more than 3,500 rich families, said: “From the ultra-high net worth perspective, a Labour government under Corbyn is a much greater threat to them and their businesses and their wealth than Brexit.”
On Thursday, Corbyn singled out five members of “the elite” that a Labour government would go after in order to rebalance the country.
He claimed Mike Ashley, the billionaire owner of Sports Direct and Newcastle United, was a “bad boss” who exploited his workers through zero-hours contracts. Ashley hit back, telling the Financial Times: “Corbyn’s not only a liar but clueless.”
The Labour leader also named the “greedy banker” Crispin Odey, the hedge fund manager who made £220m betting against the pound in the run-up to the EU referendum. Odey responded by telling the Daily Telegraph: “Luckily they [Labour] can’t even run a campaign, let alone the country.”
Super-rich prepare to leave UK 'within minutes' if Labour wins election | News | The Guardian
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