London Daily

Focus on the big picture.
Thursday, Dec 25, 2025

Super-rich prepare to leave UK 'within minutes' if Labour wins election

Super-rich prepare to leave UK 'within minutes' if Labour wins election

Wealthy see potential taxes imposed by Jeremy Corbyn as bigger threat than Brexit
The super-rich are preparing to immediately leave the UK if Jeremy Corbyn becomes prime minister, fearing they will lose billions of pounds if the Labour leader does “go after” the wealthy elite with new taxes, possible capital controls and a clampdown on private schools.

Lawyers and accountants for the UK’s richest families said they had been deluged with calls from millionaire and billionaire clients asking for help and advice on moving countries, shifting their fortunes offshore and making early gifts to their children to avoid the Labour leader’s threat to tax all inheritances above £125,000.

The advisers said a Corbyn-led government was viewed as a far greater threat to the wealth and quality of life of the richest 1% than a hard Brexit.

Geoffrey Todd, a partner at the law firm Boodle Hatfield, said many of his clients had already put plans in place to transfer their wealth out of the country within minutes if Corbyn is elected.

“Lots of high-net worth individuals are worried about having to pay much higher taxes on their wealth and have already prepared for the possibility of a Corbyn government,” he said. “Transfers of wealth are already arranged – in many cases, all that is missing is a signature on the contract.

“There will be plenty of people on the phone to their lawyers in the early hours of 13 December if Labour wins. Movements of capital to new owners and different locations are already prepared, and they are just awaiting final approval.”

Dominic Samuelson, the chief executive of Campden Wealth, which advises more than 3,500 rich families, said: “From the ultra-high net worth perspective, a Labour government under Corbyn is a much greater threat to them and their businesses and their wealth than Brexit.”

On Thursday, Corbyn singled out five members of “the elite” that a Labour government would go after in order to rebalance the country.

He claimed Mike Ashley, the billionaire owner of Sports Direct and Newcastle United, was a “bad boss” who exploited his workers through zero-hours contracts. Ashley hit back, telling the Financial Times: “Corbyn’s not only a liar but clueless.”

The Labour leader also named the “greedy banker” Crispin Odey, the hedge fund manager who made £220m betting against the pound in the run-up to the EU referendum. Odey responded by telling the Daily Telegraph: “Luckily they [Labour] can’t even run a campaign, let alone the country.”

The others singled out by Corbyn were: Jim Ratcliffe, the chemicals billionaire who has left the UK for tax-free Monaco; the Sun and Sunday Times owner, Rupert Murdoch; and the Duke of Westminster, who has a large central London property empire.

The shadow Treasury minister Clive Lewis went further than the Labour leader, telling the BBC’s Newsnight programme: “Billionaires shouldn’t exist. It’s a travesty that there are people on this planet living on less than a dollar a day.

“There are people, when I walk into parliament, who are sleeping rough on the streets of this country – the sixth-wealthiest in this world.” He also described private schools as “engines of inequality”.

Josie Hills, a senior tax manager at Pinsent Masons, said not being able to educate their children at Eton, Harrow or Winchester was a key worry for many of the law firm’s rich clients, who were considering moving to Switzerland and other low-tax countries with well-regarded private schools.

“I would say 80% of our clients have thought about the implications of a Corbyn government,” she said. “They tend to say they sincerely hope it won’t happen but they want to be ready if it does. If that means uprooting themselves and their families then so be it.”

John Caudwell, the billionaire founder of Phones4u, has already vowed to leave the country if Corbyn becomes prime minister. Caudwell, who has an estimated £1.6bn fortune, said a Corbyn-led government would be “a complete fiasco” and he would “just go and live in the south of France or Monaco”.

Corbyn has not set out precisely how he would target the rich, but Labour’s 2017 manifesto pledged to impose a 45p tax rate on those earning more than £80,000 and a 50% rate above £123,000. At present, the highest income tax rate is 45% for those earning more than £150,000.

Labour would also significantly increase capital gains tax and might replace inheritance tax with a “lifetime gifts” levy, with a tax-free allowance of £125,000 – less than half the current £325,000. There are also plans to increase the corporation tax rate to 26%, up from the current rate of 19%.

Corbyn’s plans for workers’ rights, with ideas floated including a four-day working week and giving employees 10% of the shares of big firms, are also of concern to the wealthy.

Peter Hargreaves, who has an estimated fortune of £3bn and co-founded the stockbroker Hargreaves Lansdown, warned Corbyn’s plans would be an “own goal and leave the country much worse off”.

He added: “It has been proven time and time again: there is only so much you can tax a nation before the tax take starts to go down because people will leave. My family will not be leaving, I love this country and I have always been enormously patriotic.

“But certainly the very, very wealthy people will consider leaving if you make it intolerable. People are petrified of him [Corbyn], and what he might do.”

Hargreaves said the stockbroker employed about 1,700 people and had “created a vast amount of wealth for this country”.

He added: “If you create a tax regime that is not going to welcome and support people like me who create wealth then you are going to rapidly reduce the health of your economy.”

Hargreaves said he paid about £40m in tax last year, and “if 50 of us [the biggest taxpayers] got on a plane and left, that would put a big hole in the chancellor’s budget”.
Newsletter

Related Articles

0:00
0:00
Close
UK Mortgage Rates Edge Lower as Bank of England Base Rate Cut Filters Through Lending Market
U.S. Supermarket Gives Customers Free Groceries for Christmas After Computer Glitch
Air India ‘Finds’ a Plane That Vanished 13 Years Ago
Caviar and Foie Gras? China Is Becoming a Luxury Food Powerhouse
Hong Kong Climbs to Second Globally in 2025 Tourism Rankings Behind Bangkok
From Sunniest Year on Record to Terror Plots and Sports Triumphs: The UK’s Defining Stories of 2025
Greta Thunberg Released on Bail After Arrest at London Pro-Palestinian Demonstration
Banksy Unveils New Winter Mural in London Amid Festive Season Excitement
UK Households Face Rising Financial Strain as Tax Increases Bite and Growth Loses Momentum
UK Government Approves Universal Studios Theme Park in Bedford Poised to Rival Disneyland Paris
UK Gambling Shares Slide as Traders Respond to Steep Tax Rises and Sector Uncertainty
Starmer and Trump Coordinate on Ukraine Peace Efforts in Latest Diplomatic Call
The Pilot Barricaded Himself in the Cockpit and Refused to Take Off: "We Are Not Leaving Until I Receive My Salary"
UK Fashion Label LK Bennett Pursues Accelerated Sale Amid Financial Struggles
U.S. Government Warns UK Over Free Speech in Pro-Life Campaigner Prosecution
Newly Released Files Shed Light on Jeffrey Epstein’s Extensive Links to the United Kingdom
Prince William and Prince George Volunteer Together at UK Homelessness Charity
UK Police Arrest Protesters Chanting ‘Globalise the Intifada’ as Authorities Recalibrate Free Speech Enforcement
Scambodia: The World Owes Thailand’s Military a Profound Debt of Gratitude
Women in Partial Nudity — and Bill Clinton in a Dress and Heels: The Images Revealed in the “Epstein Files”
US Envoy Witkoff to Convene Security Advisers from Ukraine, UK, France and Germany in Miami as Peace Efforts Intensify
UK Retailers Report Sharp Pre-Christmas Sales Decline and Weak Outlook, CBI Survey Shows
UK Government Rejects Use of Frozen Russian Assets to Fund Aid for Ukraine
UK Financial Conduct Authority Opens Formal Investigation into WH Smith After Accounting Errors
UK Issues Final Ultimatum to Roman Abramovich Over £2.5bn Chelsea Sale Funds for Ukraine
Rare Pink Fog Sweeps Across Parts of the UK as Met Office Warns of Poor Visibility
UK Police Pledge ‘More Assertive’ Enforcement to Tackle Antisemitism at Protests
UK Police Warn They Will Arrest Protesters Chanting ‘Globalise the Intifada’
Trump Files $10 Billion Defamation Lawsuit Against BBC as Broadcaster Pledges Legal Defence
UK Says U.S. Tech Deal Talks Still Active Despite Washington’s Suspension of Prosperity Pact
UK Mortgage Rules to Give Greater Flexibility to Borrowers With Irregular Incomes
UK Treasury Moves to Position Britain as Leading Global Hub for Crypto Firms
U.S. Freezes £31 Billion Tech Prosperity Deal With Britain Amid Trade Dispute
Prince Harry and Meghan’s Potential UK Return Gains New Momentum Amid Security Review and Royal Dialogue
Zelensky Opens High-Stakes Peace Talks in Berlin with Trump Envoy and European Leaders
Historical Reflections on Press Freedom Emerge Amid Debate Over Trump’s Media Policies
UK Boosts Protection for Jewish Communities After Sydney Hanukkah Attack
UK Government Declines to Comment After ICC Prosecutor Alleges Britain Threatened to Defund Court Over Israel Arrest Warrant
Apple Shutters All Retail Stores in the United Kingdom Under New National COVID-19 Lockdown
US–UK Technology Partnership Strains as Key Trade Disagreements Emerge
UK Police Confirm No Further Action Over Allegation That Andrew Asked Bodyguard to Investigate Virginia Giuffre
Giuffre Family Expresses Deep Disappointment as UK Police Decline New Inquiry Into Andrew Mountbatten-Windsor Claims
Transatlantic Trade Ambitions Hit a Snag as UK–US Deal Faces Emerging Challenges
Ex-ICC Prosecutor Alleges UK Threatened to Withdraw Funding Over Netanyahu Arrest Warrant Bid
UK Disciplinary Tribunal Clears Carter-Ruck Lawyer of Misconduct in OneCoin Case
‘Pink Ladies’ Emerge as Prominent Face of UK Anti-Immigration Protests
Nigel Farage Says Reform UK Has Become Britain’s Largest Party as Labour Membership Falls Sharply
Google DeepMind and UK Government Launch First Automated AI Lab to Accelerate Scientific Discovery
UK Economy Falters Ahead of Budget as Growth Contracts and Confidence Wanes
Australia Approves Increased Foreign Stake in Strategic Defence Shipbuilder
×