{"id":159199,"date":"2019-11-06T09:59:02","date_gmt":"2019-11-06T14:59:02","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=159199"},"modified":"2019-11-06T08:39:11","modified_gmt":"2019-11-06T13:39:11","slug":"jeremy-corbyn-as-uk-prime-minister-would-trigger-an-exodus-of-wealth","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2019\/11\/jeremy-corbyn-as-uk-prime-minister-would-trigger-an-exodus-of-wealth\/","title":{"rendered":"Jeremy Corbyn as UK Prime Minister would trigger an exodus of wealth"},"content":{"rendered":"
November 6, 2019<\/div>
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By George Prior<\/strong><\/p>\n

A Jeremy Corbyn-led government will lead to an exodus of high-net-worth individuals from Britain, warns the CEO of one of the world\u2019s largest independent financial advisory organizations.<\/p>\n

The warning from deVere Group\u2019s 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 opposition Labour Leader Jeremy Corbyn to Stalin over his \u201chatred\u201d of wealth creators.<\/p>\n

Mr Green notes: \u201cWhilst I wouldn\u2019t 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.<\/p>\n

\u201cIt\u2019s 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.<\/p>\n

\u201cThere 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.\u201d<\/p>

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He continues: \u201cI believe we can realistically expect a Corbyn government would trigger an exodus of the country\u2019s most successful and wealthiest individuals who contribute significantly\u00a0both directly and indirectly to the British economy.<\/p>\n

\u201cSoaking the rich doesn\u2019t work because these people, typically, have the resources to move to lower tax jurisdictions if the tax burden in the UK becomes too great.\u00a0 They are internationally mobile.<\/p>\n

\u201cShould 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\u2019s coffers.\u201d<\/p>\n

Mr Green adds: \u201cIt 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.\u201d<\/p>\n

The deVere CEO concludes: \u201cIf Mr Corbyn is serious about having the better-off pay more tax, they should cut rates further and allow them to become wealthier.<\/p>\n

\u201cThis would incentivise top achievers, who prop-up \u2018The System\u2019, to remain in the UK.\u00a0 However, I suspect that implementing this economically-sound philosophy would be political suicide for Jeremy Corbyn.\u201d<\/p>\n

About:<\/strong><\/p>\n

deVere Group is one of the world\u2019s largest independent advisors of specialist global financial solutions to international, local mass affluent, and high-net-worth clients.\u00a0 It has a network of more than 70 offices across the world, over 80,000 clients and $12bn under advisement<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

By George Prior A Jeremy Corbyn-led government will lead to an exodus of high-net-worth individuals from Britain, warns the CEO of one of the world\u2019s largest independent financial advisory organizations. The warning from deVere Group\u2019s chief executive, Nigel Green, comes as UK Prime Minister Boris Johnson today launches his official election campaign with a column […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-159199","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/159199","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=159199"}],"version-history":[{"count":1,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/159199\/revisions"}],"predecessor-version":[{"id":159200,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/159199\/revisions\/159200"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=159199"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=159199"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=159199"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}