Following the examples of Sefton and Warrington Councils getting tax benefits through buying up commercial property offshore, another Labour council has been warned to invest some its pension funds offshore to protect against the risks of a Jeremy Corbyn government.
Camden Council in London has been advised by fund manager London CIV that squirreling cash away overseas would shield the authority against ‘political risks’.
The council’s paid advisors are warning that any Corbyn government could mean a ‘sharp repricing of assets due to concerns over re-nationalisation. London CIV is chaired by Bob Kerslake, the former national head of Britain’s civil service, and was set up to manage £ 5.6 billion of pension funds across the capital.
The advice to Camden Council comes as businesses are also being told that Prime Minister Theresa May is ‘hanging by a thread’. Influential city trading firm CME Group warns that Labour taking power would be a ‘nightmare scenario’ for the pound. CME executive director Erik Norland says that Conservatives in government are ‘taking the brunt’ of ‘allegations of inappropriate conduct within Parliament’.
“Since losing its parliamentary majority in June 2017, British Prime Minister Theresa May’s Conservative Party has been hanging by a thread, propped up by coalition partner, the Democratic Unionist Party of Northern Ireland,” he said. “Given the fragility of the current government, markets should probably be thinking carefully about the next Prime Minister and the potential impact on the UK economy and currency.“
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