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Britain’s wealthy consider moving assets overseas due to Brexit and Corbyn fears
Wealthy Brits and rich international investors are more fearful of a Corbyn government than they are of Brexit, with a growing number of them contemplating moving their wealth overseas.
Indeed, since the start of 2019 an increasing number of deVere clients have been telling our advisers that they fear the harmful effects of a Jeremy Corbyn-led government more so than Brexit, in regard to their wealth.
As deVere’s international investment strategist, Tom Elliott said on Sky News this morning, polls indicate that the Tory party, led by Theresa May is losing support fast due to the continuous Brexit chaos. As such, this increases the chance of another UK general election before 2022, and a Corbyn-led Labour party could come into power.
Furthermore, it was announced today that the Labour party has quit cross-party Brexit talks with the Conservatives, with Corbyn saying in a letter to the Prime Minister that the discussions have “gone as far as they can.”
As a result of the Brexit-fuelled disorder, HNW individuals in the UK, as well as wealthy international investors with UK assets and businesses, recognise they will be impacted by Mr Corbyn’s tax increases on wealth, income and inheritance.
Consequently, a growing umber of them are seeking advice on established, legitimate overseas opportunities to create, accumulate, and safeguard their wealth.
Hiking taxes for the rich is not effective as these people, typically, have sufficient resources to move to lower tax jurisdictions should the tax burden in Britain become too much. They are globally mobile.
As such, should they move overseas, which a high number may do according to a recent deVere survey, government finances will take a substantial hit as they contribute a disproportionately large sum to state coffers. They bolster the ‘system’. Moreover, these HNW individuals are characteristically job and wealth creators.
If the Brexit chaos carries on and the Tories continue to lose ground to Corbyn’s Labour party, it can be reasonably assumed that a significant number of deVere clients will relocate their assets outside of Britain over the coming months.