Time to leave the sinking ship?

CORBYN’S extreme socialism presents serious worries. His incompetence and indecision will leave the UK in oblivion.

As a lifelong protester, all he has ever done is vote against things. This, together with the intended punitive taxes, will cause even more turmoil than all the Brexit blundering.

The main fear for investors should be the effect on the pound and stock market. A Corbyn government will be good for neither.

A seemingly obvious hedge would be to buy into overseas companies or funds which invest overseas.

But this is a gamble too because if Corbyn loses an Election, sterling will rise and a UK investor would face a currency loss on overseas investments.

One could even argue that we should leave the sinking ship. The socialism proposed by Corbyn is more extreme than in the 1970s, which I call the UK’s decade of shame. Then, many major taxpayers decided to leave – most never returned. Today it can be argued that international money markets exert a brake on extremism but they didn’t stop Venezuela going bust under one of Corbyn’s heroes.

Investing overseas and converting cash out of sterling will pay dividends if Labour forms a government. And now could be the last time for years you will be able to do it if exchange controls limiting how much currency you can buy or sell are re-introduced.

The safest thing to do is make maximum use of legal tax havens such as pensions and Isas. Then just hope the electorate will not fall for the bribes that Corbyn and McDonnell will offer.