Credit Suisse urges rich clients to move their assets out of the U.K. as concern about the Brexit mounts, according to a newspaper report. Brexit isn’t the only worry.
Credit Suisse is telling its richest clients to move their money out of the U.K., according to a report by the «Financial Times» (behind paywall). The newspaper cited sources familiar with the matter; Credit Suisse didn’t comment in the «FT». Clients are urged to speed up their plans to move assets and should conclude the process ideally within weeks, the report went on.
The bank told finews.asia in a reply that the «House View» of the bank did not currently advise clients to move assets because of Brexit or other political developments.
Red Danger
The newspaper report followed U.K. Prime Minister Theresa May’s announcement Monday that the Commons’ vote on her Brexit plan would be delayed until the third week of January.
Also, there is mounting concern among the rich that Labor leader Jeremy Corbin may take power soon, depending on the outcome of the vote. His program, entitled «For the many, not the few», suggests that he may want to introduce a tax on assets and increase income taxes.
Better to Run
Higher taxes have always been something of a red rag for the British upper class and some of the super-rich will surely prefer leaving the island than receiving a hefty bill from the state. Others may presumably be tempted move their money to the Channel Islands or even to countries such as Switzerland.
Last but not least there’s the option of relocating trust funds containing their assets from the U.K. to another jurisdiction. Rich British citizens have increasingly sold their assets in the U.K. and opened accounts abroad, according to reports in the media.
