Phones4U founder warns: There's no way of succeeding under Labour policy

10 December 2019, 08:32

The billionaire who founded Phones4U has warned that all wealthy people will leave the UK if Labour win Thursday's general election.

John Caudwell believes a Labour government would be a disaster and would leave the UK bankrupt.

Speaking to Nick Ferrari, he said: "There's such a lot of poverty that people do resent wealthy people. And the last thing that wealthy people need is to be turned into pariahs when we're also going to have to pay a lot more tax as well.

"The whole language of the Labour party is disastrous.

"The policies will bankrupt the UK. There may be one or two good years when Labour first get in when they spend all this money. But it's money that we can't possibly have.

"The Labour Party will destroy the UK economy and we'll be back to the Harold Wilson days when the UK was a bankrupt economy and looked down upon around the world.

"I don't want that in my country. I love the UK, I want it to remain great. I want poverty to be taken off the table, I want the health service to prosper and that cannot happen under Labour because there is no financial rationale to make it work."

Nick pointed out that, as he accepted there was a lot of poverty, Labour would say that it is only fair that those with the broadest shoulders take more of the burden to help them out.

Nick Ferrari spoke to John Caudwell
Nick Ferrari spoke to John Caudwell. Picture: PA / LBC

Mr Caudwell responded: "It absolutely isn't wrong, although they are already paying a fortune in tax.

"The reality is that you can go to somewhere like Monaco, live in a beautiful climate, have all the mountains there, the ski resorts near to you and pay no tax. It's a bit of a no-brainer for some people."