Jeremy Corbyn would be TEN TIMES worse than Brexit for the British economy, experts warn

JEREMY Corbyn would be TEN TIMES worse than Brexit for the British economy, experts have warned.

It comes as financial bigwigs revealed they are preparing to shift their investments out of Britain because they’re so scared of a Corbyn regime.

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Britain’s super-rich are setting up offshore investment and trusts outside the UK in places like Jersey, Monaco, Portugal, the US and Switzerland.
Michael Maslinski of wealth management consultancy Maslinski & Co, told the FT: “Most people are much more worried about Corbyn than Brexit by a factor of 10.”

London & Capital director Iain Tait confirmed dozens of his clients have already made moves to shield their assets from a potential Labour government.

He added: “We have had some UK families ask us to set up offshore investment accounts.";

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“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.”

Labour have confirmed they plan to hike taxes for the richest 5 per cent of the population who earn more than £80,000.

But investments leaving Britain would see less tax brought in to Treasury coffers and less cash for public services.

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A Labour Party spokeswoman said: “There has not been a period in living memory when London’s ultra-wealthy have not moved their millions in offshore accounts or foreign trusts.
“But time’s up for the super wealthy who think they can get away with anything. People in this country want the rich to shoulder their fair share of responsibilities.

“The next Labour Government will implement the most comprehensive set of anti-tax avoidance measures ever introduced by a British government, with our Tax Transparency and Enforcement Programme.”