Corbyn is ‘anti-business, low-profit, high-tax’ – act now to election proof your wealth

Express Politics 3 weeks ago

Boris Johnson’s hopes of delivering Brexit on October 31 offered a damaging blow after MPs voted to reject the Government’s programme motion by 322 votes to 308 - a majority of 14. The Prime Minister quickly said he has “paused” his Brexit bill, with Downing Street sources claiming he will push for a general election if the European Union proposes a delay to Brexit until January 30, 2020. Labour Party leader Jeremy Corbyn has said he will back a general election - which could take place before Christmas - but only if an extension to the UK’s departure from the bloc is granted.

Nigel Green, chief executive and founder of independent financial advisory firm deVere Group, warned Britons wanting to protect their money need to act immediately.

He said: “The electorate is extremely volatile and there’s never been a more uncertain general election. Small shifts will move the needle considerably.”

“With an uncertain UK general election inevitably on the way, if you’re serious about protecting your money and assets you need to take action now.”

But Mr Green has warned a victory for Labour and Mr Corbyn in the general election could tigger a chaotic downfall in your finances and the UK economy as a whole.

Jeremy Corbyn's policies could damage your finances, an expert has warned
The Labour leader has been hesitant on backing a snap general election

He claimed the policies from the party’s leader are “anti-business, low-profit, high-tax” that could damage long-term growth and lead to a “significant sell-ff of the pound”.

The deVere Group founder said: “There are two key reasons why you should election-proof your finances.

“First, Labour leader and leftist firebrand Jeremy Corbyn might become the UK’s next Prime Minister.

“His anti-business, low-profit, high-tax policies - including a possible wealth tax - can be expected to spook the financial markets, damage long-term sustainable growth of the British economy, put more pressure on UK financial assets, and lead to a significant sell-off of the pound.”

Jeremy Corbyn's policies have been labelled 'anti-business, low-profit, high-tax'

Labour has continued calls for a general election following Mr Johnson’s damaging defeat in the House of Commons last night.

Last week, Mr Corbyn told a private meeting of his MPs that Labour cannot afford to turn down another general election request from Mr Johnson, according to The Sun.

The Labour leader has twice ordered his MPs to abstain from voting on motions tabled by Mr Johnson to hold a snap election because he wants to see the option of a no deal Brexit taken off the table first.

Speaking on BBC’s Today programme this morning, Shadow Justice Secretary Richard Burgon said: “As soon as no deal is off the table we want a general election to get the Tories out.

The Labour Party is plotting their path to 10 Downing Street
Shadow Chancellor John McDonnell announced a number policies at last month's Labour Party conference

“We are not in the business of leaving the Conservatives in power.”

But Labour’s hopes of wrestling the keys to 10 Downing Street from the Conservative Party have suffered a massive blow.

The latest poll tracker from YouGov, which surveyed 1,689 UK adults from October 20-21, put Labour a massive 15 points behind the Tories.

When asked which party they would vote for if a general election were held tomorrow, 37 percent said the Tories while just 22 percent opted for Labour.

Jeremy Corbyn's key Labour Party policies

The same poll also asked who they think would make the best Prime Minister, with Boris Johnson on 43 percent and Mr Corbyn a massive 23 points further back on just 20 percent.

Mr Green also explained how a hung Parliament, as well as continued uncertainty over Brexit and the UK’s political landscape, could damage the pound and country’s economy.

He said: “The election could result in a hung parliament, meaning more of the same indefinite uncertainty, deliberation and chaos. Boris Johnson might be returned as PM but without a majority.

“The Brexit Party could eat into the Conservative vote as they will claim Mr Johnson did not deliver Brexit by October 31- something on which he staked his whole premiership.

Boris Johnson suffered another defeat in the House of Commons

“Similarly, the Remain vote could be split between Labour, the Lib Dems, the Greens and the SNP.

“With both of these general election outcomes, the current unprecedented uncertainty would continue and/or intensify, further undermining confidence in the UK economy and the pound.” lit between Labour, the Lib Dems, the Greens and the SNP.

“With both of these general election outcomes, the current unprecedented uncertainty would continue and/or intensify, further undermining confidence in the UK economy and the pound.”


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