Rich List: ‘Corbygeddon’ sparks billionaire exodus

Fear of a Jeremy Corbyn-led government is leading Britain’s richest to move assets and businesses overseas to in a bid to protect themselves from massive tax hikes.

One in ten people prepared to speak to the Sunday Times Rich List said they were taking steps to protect their wealth from tax increases on income and inheritance by moving family trusts and other assets offshore or their businesses abroad.

While some feared what they called “Corbygeddon” others claimed the Labour leader would smash Britain’s enterprise-friendly culture.

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The boss of Coutts, the Queen’s bank, told the paper his clients were more concerned about Corbyn than Brexit.

In response to the latest annual rich list, which features a record 151 billionaires with a combined wealth of nearly £525 billion, a 9.2% rise on last year, the Labour leader said it was “stark reminder of the grotesque inequality that scars our society”.

“Labour will reprogramme our economy, so it stops just supporting a tiny few at the top, and starts to reward the many, who do the work, create the wealth, and pay their taxes,” Corbyn added.

His words carried added weight after a new poll put the Conservatives on course for their worst ever election defeat, and Labour set to lead a minority government if a general election were held today.

The Times says Labour has mapped out legislation for its first 100 days in power, “the centrepiece of which is an emergency budget in which the shadow chancellor, John McDonnell, plans to raise income tax and introduce legislation paving the way for renationalisation of the water and energy companies — a move likely to hit pensioners with funds invested in those firms”.

HuffPost UK reports the Equality Trust has pledged to write to the 1,000 individuals and families included in this year’s rich list, calling for them to support higher taxes in “a nation of Ferraris and food banks”.

Executive director Dr Wanda Wyporska said: “In our grossly unequal UK, we are seeing the fabric of society ripped to shreds as the gap between us grows ever wider.”

Sri and Gopi Hinduja, Indian steel magnate brothers who have amassed a £22bn fortune, topped the list, with last year’s number one Sir Jim Radcliffe falling to third.

The Ineos boss has already moved to tax-free Monaco despite being a strong supporter of Britain leaving the EU. Fellow billionaire Brexit supporter Sir James Dyson, who rose up the list to fifth, also drew criticism earlier this year when he announced he would be moving his base of operations to low-tax Singapore.

One of the biggest fallers was disgraced retail boss Sir Philip Green, who dropped out of Britain’s billionaire club altogether. The Topshop owner has endured a miserable 12 months after revelations of sexual harassment allegations and the use of gag orders prompted calls for him to be stripped of his knighthood. Now it appears his businesses have also suffered, with the Sunday Times calculating his wealth now stands at just £950m, down from £5bn in 2007.