Corbyn urged to cut tax for that wealthy amid fears of an exodus

Jeremy Corbyn has been advised to allow the better-off to “become wealthier” amid fears of an exodus.

The warning from deVere Group's chief executive, Nigel Green, comes as UK Prime Minister Boris Johnson today launches his official election campaign having a column in The Daily Telegraph by which he compares Labour Leader Jeremy Corbyn to Stalin over his “hatred” of wealth creators.

Johnson said the Labour leader has taken a stance that
demonises billionaires having a “relish and a vindictiveness” not seen since
Stalin's attitude to landowners following the Russian revolution.

Corbyn pledged to end “in-work poverty” and also the need for
food banks in reaction, insisting the party will deliver “real change” which
he'll be a different type of prime minister if elected on December 12.

Legitimately worried

But he has been warned about taking “swiping broadsides at the wealthy”, with many high-net-worth people “legitimately worried about the damaging impact of the Jeremy Corbyn-led government on their finances”, Green said.

“I believe we can realistically expect a Corbyn government
would trigger an exodus from the country's most successful and wealthiest
those who contribute significantly both directly and indirectly towards the
British economy. 

“Soaking the rich doesn't work since these people,
typically, have the resources to maneuver to lower tax jurisdictions if the tax
burden in the united kingdom becomes too great.  They
are internationally mobile.

“Should these largely job and wealth-creating individuals
emigrate – and based on our anecdotal evidence a high number very well
could – government finances will suffer considerably simply because they contribute a
disproportionately large amount to the state's coffers.” 

Cut rates further

The deVere CEO added that “if Mr Corbyn is serious about
having the better-off pay more tax, they ought to cut rates further and allow
these to become wealthier. 

“This would incentivise top achievers, who prop-up 'The
System', to remain in the united kingdom.”

However, this is unlikely to wash using the veteran Labour
man.

Using an address in Telford, Shropshire, today, he is expected to promise that “the politics I stand for is about sharing power and wealth with individuals who don't put on lots of money and don't have friends in high places.”