Planning for a Corbyn Government

[nikaiyo2]

Ok as things seem to be a bit rocky at the moment, what are people’s plans for their finances if JC gets into power?

I bought some Britannias in June, have bought a few more but unsure what else to do? Fill the safe with dollars?


I know at least one London bank is planning to move to Paris if he gets in.

[James TiT]

I was taking some gems from Euston to Birmingham yesterday on the train.

[HootersGsy]

You could do what a lot of people around the world living in uncertain environments do. Move your assets "offshore", just watch out in case you get caught up in the next Paradise Papers.

[BoRED S2upid]

Gradually move fund from UK based to global or take a punt on emerging markets. India any safer than a Corbyn UK? How lucky are you feeling?

[The Leaper]

I think I'll move some assets offshore, totally legal, and just what the Labour Party's landlords have been doing for years, so I do not see how a JC government will do anything about it. They may make a lot of squawking noises of course.

R.

[WindyCommon]

My dog - Jarvis - will be renamed Chavez. This part I see going well.

Not sure investment-wise. With its high % of overseas earnings, UKX might exhibit natural hedge characteristics if GBP plummets faster than domestic equities...

De-risking the cuurency component may be important if you are using funds; I think it’s a good time to be working toward a balance of hedged and unhedged exposures.

It’s a good question. I will give it some more thought.

[dazwalsh]

As a landlord I'm really not looking forward to that dangerous fker getting into power.

Osborne's attack on the btl sector was bad enough but a corbyn led labour government is going to make a complete bks of everything, what appears to be a personal hatred of business will not attract the much needed post brexit business into the country.

I could sell up and move to Ireland as I have an Irish passport, but that's worst case scenario.

Students will rejoice, no more student debt. But no job prospects either, the very reason they went to uni and racked up the debt in the first place. Mind boggling stuff

[Yipper]

James TiT said:

I was taking some gems from Euston to Birmingham yesterday on the train.

Lol.

Did you leave the "gems" in a luggage rack and leave them for a mate to steal and claim the £1m insurance...

[Jon39]

Presumably the Channel Islands should be safe.
It has been reported that the JC puppeteer, keeps his pension fund there.

[roadie]

Brexit is the bigger issue.

[CaptainSensib1e]

I wouldn't worry too much, there's still a large part of the Labour party which is central leftist, so JC won't actually be able to pass anything too radical through parliament without huge swathes of his party rebelling and not backing key votes.

In terms of investment strategy, first and foremost use as much as your ISA allowance as you can each year, which you shoukd be doing anyway. Secondly, stick with internationally diversifed businesses, they aren't going to be particulalry effected by what happens in the UK.

[Jon39]

roadie said:

Brexit is the bigger issue.

How would that compare, to what has happened in quite a short time, after the political colour changed in Venezuela?

One example to look up, is the story of what happend at the General Motors car plant. It just stands abandoned now.

Edited by Jon39 on Wednesday 15th November 13:41

[Jon39]

CaptainSensib1e said:

...so JC won't actually be able to pass anything too radical through parliament without huge swathes of his party rebelling and not backing key votes.

(ref ISAs) ........ they aren't going to be particulalry effected by what happens in the UK.

Do you think JC is just keeping the 'seat warm' for JM ?

What if there were ISAs in the 1970s. Tax on investment income then (someone please check) was not too far short of 100%.

The incentive then was not to work harder, many people decided to leave the UK.

Edited by Jon39 on Wednesday 15th November 13:44

[Ian350]

I could be wrong but I think that the top rate of income tax was 73% and then there was the lovely 15% investment income surcharge to add. So top rate of tax on investment income was 98% or thereabouts.

[jesta1865]

well if the visas come through, the wife and I are off to New Zealand, taking our money with us.

I might sell the bolt hole flat as well.

The wife is full on labour in many ways, but even she doesn't want to see him in power.

The Guardian reading inlaws do though, bleaugh.

[PurpleTurtle]

Jon39 said:

CaptainSensib1e said:

...so JC won't actually be able to pass anything too radical through parliament without huge swathes of his party rebelling and not backing key votes.

(ref ISAs) ........ they aren't going to be particulalry effected by what happens in the UK.

Do you think JC is just keeping the 'seat warm' for JM ?

What if there were ISAs in the 1970s. Tax on investment income then (someone please check) was not too far short of 100%.

The incentive then was not to work harder, many people decided to leave the UK.

In those days they had a continent on their doorstep that they could relocate to and work in without too much trouble.

That won't be the case in post-Brexit Britain.

[nikaiyo2]

roadie said:

Brexit is the bigger issue.

Sorry but I don’t see it that way.

When we have an opposition openly discussing capital controls in the event of a run on sterling or confiscating private companies.

Our non exec chairman was a director of a London based bank, he was one of those that the BBC talked about looking for office space in Paris, in Feb he was looking to take 20 or so jobs plus some support in case of a “bad brexit,” in June he was preparing to relocate the bank, leaving 20 or so symbolic staff here.

I am already quite diversified, I use an Old Mutual managed fund investing quite heavily in emerging markets.

[kurt535]

What?

You mean there will be a:
- big fall in sterling
- major financial institutions will make plans to relocate to Europe
- external investment in our country will start to struggle
- our GDP will start to look shaky
- our credit rating would get downgraded
- inflation would rock up?

Jesus, is Corbyn already in power or has something else happened I missed???

[nikaiyo2]

kurt535 said:

What?

You mean there will be a:
- big fall in sterling
- major financial institutions will make plans to relocate to Europe
- external investment in our country will start to struggle
- our GDP will start to look shaky
- our credit rating would get downgraded
- inflation would rock up?

Jesus, is Corbyn already in power or has something else happened I missed???

Yeah, at the minute we have a bit of a cold, post Corbyn it’s Ebola.

[kurt535]

nikaiyo2 said:

roadie said:

Brexit is the bigger issue.

Sorry but I don’t see it that way.

When we have an opposition openly discussing capital controls in the event of a run on sterling or confiscating private companies.

Our non exec chairman was a director of a London based bank, he was one of those that the BBC talked about looking for office space in Paris, in Feb he was looking to take 20 or so jobs plus some support in case of a “bad brexit,” in June he was preparing to relocate the bank, leaving 20 or so symbolic staff here.

I am already quite diversified, I use an Old Mutual managed fund investing quite heavily in emerging markets.

The minute the brexit result was announced it was time to diversify. Interestingly enough, I asked on another thread where people were putting money abroad and answers were thin on the ground. To me, that implied nobody has been particularly bothered what is going on to the economy post-brexit or we all trust boris, may et al so nothing is really wrong and corbyn is really the baddy in all of this. just to check, you're not a 'red-bot' by chance??