Corbyn dangerous for UK’s super-rich: Top banker

UK Labour leader Jeremy Corbyn’s rise to power as the next British prime minister will be “very dangerous” for the country’s wealthiest, a top Swiss banker warns.

Heinrich Adami, who oversees Banque Pictet & Cie’s UK operations, said at an event held by the 213-year-old private bank that many of his non-British clients had contingency plans to save their UK-based wealth in case Corbyn’s Labour won the next general election.

“Corbyn is very dangerous for big fortunes,” Adami warned, noting that a Corbyn government "is one of the main issues our clients are losing sleep over.”

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According to Adami, some of his super-rich had taken the necessary steps to move their fortunes to Monaco, Italy and Portugal.

For example, Jim Ratcliffe, the founder of chemicals manufacturer Ineos AG and the UK’s richest person, is considering moving to Monaco along with two other billionaire Ineos directors, British media reported in August.

The city-state is already home to some of the UK’s richest, including, Philip Green, whose family owns the largest closely held British clothing company; Formula One racing driver Lewis Hamilton and cyclist Chris Froome.

Spain and Portugal are also popular destinations for the world’s wealthiest because they offer a flat tax rate on income earned in their jurisdiction.

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Adami, whose bank managed assets totaling $505 billion at year-end, further noted that the UK’s wealthiest individuals and families had been increasingly stepping up contingency planning after June last year, when Corbyn’s party won its biggest share of votes since 2001.

Under Corbyn, Labour has updated its manifesto with proposals such as possible wealth taxes, turning its longtime anti-wealth rhetoric into prospective policies.

During last month’s annual Labour conference, Corbyn warned the UK’s richest that they were on “borrowed time.”

He made similar remarks on Monday in response to the ruling Tory government's 2018 budget, accusing Prime Minister Theresa May of wasting money by introducing tax cuts for the rich.

While the next UK general election is scheduled for 2022, there is a possibility that May could call for an earlier vote in an attempt to save her faltering Brexit plans.

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