Britain’s rich mull moving their wealth abroad over Corbyn fears

News


16 May, 2019

Britain’s rich mull moving their wealth abroad over Corbyn fears

Rich Brits and wealthy international investors fear a Corbyn government more than Brexit, with an increasing number considering moving their wealth overseas.

This is the assessment of Nigel Green, founder and CEO of deVere Group, one of the world’s largest independent financial advisory organisations with more than $12bn under advisement.

Mr Green says: “Since the beginning of the year a large and growing number of clients are telling our advisers that for their wealth they fear the damaging impact of a Jeremy Corbyn-led government more than Brexit.

“Polls suggest that the Conservative party, led by Theresa May, is haemorrhaging support due to the ongoing Brexit chaos and deadlock.  This drives up the possibility of another general election in the UK before 2022 and that Labour, with Mr Corbyn at the helm, could sweep into power.”

He continues: “High-net-worth individuals in Britain and wealthy international investors with UK assets and business know that they will be hit by Mr Corbyn’s tax hikes on wealth, income and inheritance.

“As such, more and more of them are seeking advice on established, legitimate overseas opportunities to create, build, and importantly, protect their wealth.”

Mr Green adds: “Lumping more tax on 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 they emigrate - and according to our recent conversations a high number very well could - government finances will suffer considerably because they contribute a disproportionately large amount to the state’s coffers. They prop-up ‘the System.’  In addition, these individuals are usually wealth and job creators.”
 
The deVere CEO continues: “Should the Brexit turmoil continue and the Conservatives keep losing ground to Corbyn’s Labour, it can be reasonably expected that a considerable amount of our clients will move their assets outside of the UK within the next few months.”