Corbyn warning: Labour leader will trigger wealth exodus if he becomes PM, says financier

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JEREMY Corbyn’s election as Prime Minister would prompt “high-net-worth” Britons concerned at the prospect of the Labour leader’s punitive tax policies to quit the UK, a financial expert has warned.

Nigel Green, chief executive of the deVere Group, one of the world’s largest independent financial advisory organisations, made his remakrs after Prime Minister Boris Johnson compared Mr Corbyn to Joseph Stalin, former leader of the Soviet Union, over his “hatred” of wealth creators. Mr Green said: “Whilst I wouldn’t have used the language employed by Mr Johnson, through his anti-business rhetoric, and high tax and low-profit policies Jeremy Corbyn does routinely take swiping broadsides at the wealthy.

Nigel Green, chief executive of the deVere Group, one of the world’s largest independent financial advisory organisations, made his remakrs after Prime Minister Boris Johnson compared Mr Corbyn to Joseph Stalin, former leader of the Soviet Union, over his “hatred” of wealth creators.

Mr Green said: “Whilst I wouldn’t have used the language employed by Mr Johnson, through his anti-business rhetoric, and high tax and low-profit policies Jeremy Corbyn does routinely take swiping broadsides at the wealthy.

“I believe we can realistically expect a Corbyn government would trigger an exodus of the country’s most successful and wealthiest individuals who contribute significantly both directly and indirectly to the British economy.

“Soaking the rich doesn’t work because these people, typically, have the resources to move to lower tax jurisdictions if the tax burden in the UK becomes too great. They are internationally mobile.

“Should these largely job and wealth-creating individuals emigrate – and according to our anecdotal evidence a high number very well could – government finances will suffer considerably because they contribute a disproportionately large amount to the state’s coffers.”

Mr Green adds: “It would also likely deter top international talent and investors from coming to the UK too, which would negatively impact long-term, sustainable economic growth prospects.”

“If Mr Corbyn is serious about having the better-off pay more tax, they should cut rates further and allow them to become wealthier.

“This would incentivise top achievers, who prop-up ‘The System’, to remain in the UK.

“However, I suspect that implementing this economically-sound philosophy would be political suicide for Jeremy Corbyn.”

Launching Labour’s election campaign last week, Mr Corbyn singled out media tycoon Rupert Murdoch and hedge fund manager Crispin Odey as examples of people he said were holding the country back.

He said: “You know whose side Labour’s on – a Labour government will be on your side.

“Together, we can pull down a corrupt system and build a fairer country that cares for all.

“Labour will put wealth and power in the hands of the many.

Boris Johnson’s Conservatives, who think they’re born to rule, will only look after the privileged few.

“This election is a once in a generation chance to transform our country, take on the vested interests holding people back and ensure that no community is left behind.”

He subsequently added on Twitter: “There are 150 billionaires in the UK while 14 million people live in poverty.

“In a fair society there would be no billionaires and no one would live in poverty.”

Mr Johnson, writing in The Daily Telegraph, commented: “The tragedy of the modern Labour Party is that they detest the profit motive so viscerally – and would raise taxes so wantonly – that they would destroy the very basis of this country’s prosperity.

“They pretend that their hatred is directed only at certain billionaires – and they point their fingers at individuals with a relish and a vindictiveness not seen since Stalin persecuted the kulaks.

“In reality they would end up putting up taxes on everyone: on pensions, on businesses, on inheritance, on homes, on gardens.”

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I believe we can realistically expect a Corbyn government would trigger an exodus of the country’s most successful and wealthiest individuals

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