A Jeremy Corbyn-led government will lead to an exodus of high-net-worth individuals from Britain, deVere Group’s chief executive, Nigel Green has warned.
The warning from deVere Group’s chief executive, Nigel Green, comes as UK Prime Minister Boris Johnson today launches his official election campaign with a column in The Daily Telegraph in which he compares Labour Leader Jeremy Corbyn to Stalin over his “hatred” of wealth creators.
Green noted: “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.
“It’s our experience that an increasing number of high-net-worth clients are legitimately worried about the damaging impact of a Jeremy Corbyn-led government on their finances.
“There are real concerns from these individuals that should Mr Corbyn sweep into power he would increase inheritance taxes, income taxes, stamp duty and capital gains taxes, potentially even roll out capital controls, and slash other areas, such as pensions tax relief. 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.”
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