Wealthy people are ‘preparing to leave Britain’ amid rising fears of a had-Left government, it was claimed today.
Multi-millionaires are said to be shifting assets offshore to avoid being hammered by higher tax rates if Jeremy Corbyn takes power.
Some are considering moving to other countries like Switzerland seen as more receptive to the super-rich.
Concerns over the prospect of a socialist government have mounting as Theresa May struggles to thrash out a Brexit deal.
If parliament votes down any agreement she manages to reach with the EU many believe the PM will be forced to call an election or second referendum.
Nerves were heightened by the radical programme Mr Corbyn set out at the Labour conference last month – including forcing firms to hand over 10 per cent of shares to workers.
At the election last year the party pledged to increase income tax for those earning over £80,000 a year – and the idea of a ‘wealth tax’ has also been floated.
According to the Financial Times, people are now starting to act on their fears about a shift to the Left.
‘Most people are much more worried about Corbyn than Brexit by a factor of 10,’ said Michael Maslinski, of wealth management consultancy Maslinski & Co.
Iain Tait, a director at London & Capital, said dozens of his clients had already taken steps to protect their assets.
‘We have had some UK families ask us to set up offshore investment accounts,’ he said.
‘They want to make sure their investment accounts are Channel Islands-based or Switzerland-based so their money would not be subject to capital controls.
‘It is activity we have seen from… clients in direct response to the threat of a Corbyn-led government.’