Great Britain: the super rich are afraid of the Labor victory - Good king News ONLINE 2

Great Britain: the super rich are afraid of the Labor victory – Good king News ONLINE


It can be debated whether the populism of the left in the British electoral campaign is very different from the populism of the right. Both the conservative Prime Minister Tories and the party leader Brexit and Labor leader Jeremy Corbyn love to boast that they are the real representatives of the people – and they prefer to rage against the elites and the establishment.

The biggest difference is probably: Farage and Johnson want to take away the rich of the country, if they emerge from the early parliamentary elections of December 12 as the winner, rather the opposite.

The left rather than the Social Democratic Labor Party has exactly that. Jeremy Corbyn makes no secret of the fact that he wants to introduce new and higher taxes for the best and rich after a change of government, moreover there are Labor plans to control more capital flows and inheritances already from a volume of 125,000 pounds ( about 145,000 euros) to tax.

Moreover, according to the thoughts of the former labor and trade union party, the private school system, which has been an elitist system for centuries, should be made more permeable to all social classes. For the middle class and under Britain who suffer from continuous disparities in wealth, this is promising news and a horror for the wealthy class.

As reported by "Guardian", many super wealthy Britons are already preparing for an emergency. The newspaper spoke with lawyers and consultants, whose clients increasingly ask how it is possible to transfer larger goods abroad and provide children with inheritances or early donations. Geoffrey Todd of law firm Boodle Hatfield told the newspaper that some of his clients are ready to transfer their assets abroad or to offshore accounts within minutes of the electoral victory of the work. In some cases, only one signature is missing, even the money is out of the country.

"I prefer to go and live in the south of France or Monaco"

From the perspective of the super rich, according to Dominic Samuelson, Camden Wealth CEO, the prospect of a Labor government is "a much greater threat to their businesses and assets than the Brexit". Samuelson has members of over 3,000 wealthy British families as clients.

John Caudwell, the billionaire founder of the technology company Phones4u, has already announced that he wants to turn his back on England with luggage if Corbyn became prime minister: it would be a complete fiasco, he told the Guardian: "I would prefer to go out and live in the South of France or Monaco. "

The rich are petrified by fear when it comes to Corbyn and his plans, Peter Hargreaves told the newspaper. The stockbroker, with an estimated fortune of 3 billion pounds and up to 1,700 employees, understands well that some of his wealthy colleagues are considering the idea of ​​leaving their homeland to protect property from state seizures. "If you create a tax regime that does not support or welcome people like me who create wealth, you will weaken the economic health of the country in no time," he warned.

The same year he paid about 40 million pounds in taxes last year. "If 50 of the largest tax payers boarded a plane and left the country," the broker warns in the "Guardian", "that would make a huge hole in the government's budget."

The billionaires hunt has begun

First of all, of course, Labor must first win the elections. Jeremy Corbyn has not yet specifically said at the start of the election campaign, how exactly he wants to tax the rich. However, the 2017 work program calls for a new maximum rate of 50 percent on income starting at £ 123,000 a year. The current maximum rate of 45% applicable to income of £ 150,000 or more is then applied from an annual income of £ 80,000. The corporation tax for companies is expected to increase by 19 to 26 percent, the deduction for inheritance and gifts would be halved.


Media Tycoon Murdoch (2014): in the focus of labor policy


Justin Tallis / AFP

Media Tycoon Murdoch (2014): in the focus of labor policy

It looks like hard cuts, but in 2018 the United Kingdom ranks fifth among European countries with the greatest economic and social inequality. So far no action has been taken to reduce the widening gap between rich and poor. Almost half of Britain's wealth, 44 percent, is owned by just 10 percent of the population, according to a survey by the Institute for Public Policy Research (IPPR).

151 billionaires live in the United Kingdom, preferably in the London metropolitan area or in the south-west of the country. The decant 1 percent of the richest British population, according to recent polls, is composed of 540,000 citizens, but in reality they already represent about 30 percent of total tax revenue.

Despite these number games, the Corbyn Labor campaign opened the hunt for British billionaires last week. In a speech that named five leaders he was looking for, he would choose the Prime Minister: Jim Ratcliffe, head of the Ineos chemical company, financial giant and Brexit supporters Crispin Odey, Hugh Grosvenor, Duke of Westminster and the youngest billionaire in the country, sports and retail entrepreneur Mike Ashley and media mogul Rupert Murdoch. They represent a rigged super-rich system that would be enriched at the expense of the masses, according to Corbyn, who borrowed a term preferred by Donald Trump.

His shadow finance minister Clive Lewis goes even further: "Billionaires should not exist," the Labor politician told the BBC. Faced with such rhetoric of class warriors, it is no wonder that the rich develop reflexes of escape.