With the upcoming election getting closer, the United Kingdom’s wealthiest households are setting up plans to flee the country if Jeremy Corbyn wins as Prime Minister, said The Guardian. This is in light of the Labour Party candidate’s plan to “go after” the super-rich through taxes, capital controls, and private school crackdowns.

Reports from UK’s lawyers and accountants for the elite revealed that the richest families have been scrambling to get in touch with legal and financial practitioners. These individuals seek help regarding moving to other country’s and creating offshore accounts to protect their wealth against Corbyn’s proposed wealth tax.

According to Geoffrey Todd from Boodle Hatfield law firm, clients have prepared wealth transfer strategies which will help them leave the UK within minutes after Corbyn’s possible election. These high-net-worth individuals will simply need to sign the prepared contracts if Labour wins.

The elite has also been giving their children early gifts in order to transfer their riches to their heirs without having to pay inheritance taxes on legacies over £125,000.

Super-Rich Ready to Leave if Corbyn Wins

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‘Obscene’ wealth and practices

A report by CNBC explained that the left-wing opposition is aiming at UK’s billionaires after revealing that society’s top 1% financed the ruling Conservative Party. This bankrolling was done in exchange for tax breaks that cost the country £100 billion ($129.6 billion).

In a speech, Shadow Finance Minister John McDonnell demonstrated the ‘obscenity’ of accumulating such wealth. He expounded that the working class earning the national minimum wage “would have to work 69,000 years” to earn £1 billion. Meanwhile, a calculation by Business Insider showed that a billionaire such as Jeff Bezos earns a whopping $2,489 every second.

McDonnell noted that “no one needs or deserves to have that much money” and that it is “obscene.”

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A Filipino-Chinese, Maricar Sze is highly educated and well travelled. With a Bachelor of Science in Computer Studies majoring in Information Technology. She is a business owner providing services to small to medium businesses in Australia. In earlier years, Maricar worked for American companies Verizon and MCI in Technical Support activities. Over some 8+ years in the SEO industry, Maricar is also a Google Certified Ads Specialist. With skills and expertise, she is responsible for shaping and implementing website optimisation, content marketing, PPC and quality measures for digital campaigns. Other interests include travelling, watching Netflix, and frequently volunteers at children hospitals or shelters.