Super-rich 'on notice' for Corbyn govt, says multi-billion deVere Group

Wealthy individuals will increasingly seek to "Corbyn-proof" their finances, the CEO of one of the largest financial advisory firms has said.

The deVere Group, which helps the rich grow their million dollar bank balance, say the increasing likelihood of a Corbyn government mean the ultra-rich want to protect their assets.

The assessment from Nigel Green, chief executive and founder of deVere Group, comes as Jeremy Corbyn confirms the Labour party would campaign to remain in the EU should there be a second Brexit referendum under a Conservative government.

Green said he thought the move would prove "popular" with the electorate and could sweep Corbyn into power.

He said: “Following Jeremy Corbyn’s apparent shift towards Labour becoming a full-blown Remain party - and therefore the perception that he is now more likely to secure the keys to Number 10 – an increasing number of high net worth clients will seek to Corbyn-proof their finances.

“There are real concerns from these individuals that a Corbyn-led government 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.

“To counteract the damaging effects of these policies on their wealth, I believe that over the next few months, more and more of them will be actively considering established, legitimate overseas opportunities to create, build, and importantly, protect their wealth."

Some 44% of the UK's wealth is estimated to be owned by just 10% of the population, and the UK is the fifth most unequal country in Europe. 

With over 4 million UK children living in poverty, and the use of foodbanks soaring alongside homelessness, Labour has said it will seek to use a range of measures to close the inequality gap and better distribute the countries wealth. 

 

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