Credit Suisse advises clients to move assets out of UK - report

Credit Suisse has advised its ultra-wealthy clients to shift their assets out of their UK and should “accelerate plans” to do so before Brexit, according to a report.

Clients with a net worth of at least $30m have been advised to move their investments out of London before the British Prime Minister Theresa May’s leadership is challenged yet again in January, the Financial Times reported on Tuesday.

After May said on Monday she would hold the vote on her Brexit plan on 14 January, opposition leader Jeremy Corbyn proposed a motion of no confidence in her.

Corbyn argues it is unacceptable that parliament waits another month to vote on the future of the country after May already delayed the vote scheduled for early December because she feared a defeat.

Some multi-millionaire investors are fearing the introduction of a “wealth tax” in the case that Jeremy Corbyn gets into power and are setting up accounts abroad to emigrate avoiding risks.

Other wealth managers the FT spoke to said they would not suggest their wealthy clients move their assets out of the country.