Ultra-rich could desert UK if Labour win next General Election, billionaire warns

Billionaire Peter Hargreaves has warned Britain’s ultra-rich could abandon the country if Labour wins the next General Election.

The financial services tycoon said he expects an exodus of entrepreneurs if Corbyn takes power, saying they will “not be able to tolerate extreme socialism”.

Dominic Samuelson, chief executive officer of Campden Wealth, which helps affluent families network, has also fired warning shots.

He said: “What keeps families inside and outside the U.K. awake at night is the risk of a Labour government.

“All bets are off if that comes to fruition.”

Labour has opened up a three point lead over the Tories in the polls after Brexit turmoil engulfed Theresa May’s party last week.

Researchers found the decline was primarily caused by Leave supporters withdrawing their support to the party.

The proportion of Leavers backing the Tories has dropped by 10 points to 49 per cent. Labour’s support among Leavers has risen by four points to 26 per cent, while Ukip has increased by six points among Leavers to 16 per cent.

But a change in the next General Election could spell disaster for the most well off in society. With many already fleeing the country to safeguard their fortunes from the turmoil of exiting the European Union, a Labour government could ramp up the scale of the exodus.

Harinder Hundle, London managing partner of TwinFocus, told Bloomberg: “Ultra-high net worth individuals need to be focused on the political risk of a change in government.

The current Brexit deal “is UHNW-friendly and would be positive for a smooth orderly transition.”

Keith Johnson, CEO of Family Office Council, added: “There are increasing signs that they are making an effort to understand in any detail what it will mean if he wins.

“A general sense of dread is being replaced by a more detailed understanding of the risks.”

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16 Responses

  1. Joy

    Well they are not contributing anything anyway are they? Just need legislation to stop them taking money out of the UK if they are not living there and are they honestly going to cut themselves off from their own customers? I think not!

  2. Paul Browne

    Oh dear. How sad. Never mind. As most of the ultra-rich pay very little tax, contribute sweet FA to the well being of society, please remind me why I should be bothered?

  3. victoria hodgson

    So the ultra-rich are frightened of losing a few quid when there are people dying in abject poverty, freezing on the streets and killing themselves because they can no longer cope with the pressure austerity puts them under? The UK will be better off without uncaring selfish bastards like that, they contribute very little to society and are leeches!

  4. Allister Whitehead

    as if they would. We’d be financially better off anyway because they only own public services and consumption outlets that are ‘non transferable’ …and then they take the profits out of the country, thus cutting the normal cycle of re-investment. How could we possibly be worse off if they left? haha

  5. peter brewin

    Good riddance to them,they won’t be here to bleed the working man anymore, if they do leave we shouldn’t let them back in again, let them peddle their poison somewhere else.

  6. Susan Garth

    The Ultra Rich ! says it all ,as long as they continue to make more money on the backs of the hard working people of this country they won’t give a tinkers cuss about you , they are happy to fund the Tories who in turn ensure they get first choice on all the perks and benefits to keep them sweet . The Tories love control and if we continue to carry on believing the guff they feed us and do as we are told then they will be happy then they can all hop off to their holiday islands and count the money.

  7. juliet solomon

    I read a wonderful book called Why we Don’t need the Rich – well worth a read. We really don’t, and the sooner we see the back of them the better we will be.

  8. pete

    I all ways said let them, they have nothing to offer the country, they don’t like paying the full amount of tax any way, and when they go, confiscate thier house and any thing else they leave behind, including business intrests, and if they start up else where or all ready have business else where, put a higher tax bracket on their imported goods for none payment of full tax.
    Reinterduce the Finance Restrictions that Thatcher removed.
    If they leave I wonder how many homes would be available for the homeless, how much land would also become available. House prices would come down also, how many more jobs be created.
    I can’t wait for them to leave, I wish they would hurry up, this country would be much better of with out them and their greed and envy.

  9. Anthony Leonard Hagger

    The ultra rich a likely to leave says Billionaire Peter ( who the fuck is he?) Hargreaves! Doesn’t live in my street and has never asked me to dinner or even a drink! So, after much thought my response is ‘boo fucking hoo’ and I’m off to spend me pension! Old Commie Bastard of too many years to count!

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