Published On: Wed, Dec 4th, 2019

General election 2019 news: Self-made billionaire claims Corbyn’s plans would investment | UK | News


Worth an estimated £1.129bn, the self-made billionaire, who has supported both and the in the past, warned that many wealthy individuals and businesses may leave the country if becomes the next prime minister.

Mr Arora arrived in the UK from Punjab aged 13 working as a clerk, a waiter and an insurance salesman before he founded the Arora Group.

The company is a business and hotel group which today has more than 3000 employees.

In an interview with Sky news he said: “If you want big businesses to come and bring money in, then you want to hold on to them as well, and to grow and succeed.”

“If you’re going to scare businesses, multinationals, all the big companies and billionaires and other people, if you give out the wrong message, then what do they do? In this day and age, people just pack their bags and say, I’ll go somewhere else and invest my money elsewhere. Do we really want that as a nation? I think that’s wrong.”

He would then go onto say Labour is wrong to describe the existence of billionaires as a “policy failure”.

Mr Arora warned the policies could scare off investment

Mr Arora warned the policies could scare off investment (Image: GETTY)

Mr Arora also said Labour were wrong to call the existence of billionaires a policy failure

Mr Arora also said Labour were wrong to call the existence of billionaires a policy failure (Image: GETTY)

Defending the amount of money as an achievement he emphasised the work involved to reach that level of wealth.

“It has to be a success, it’s not a failure, because those billionaires haven’t sat in their front rooms and just printed the cash, they’ve worked for it,” he said.

“They’ve created employment, they’re adding to the economy, they’re adding and paying taxes, that’s all helping everyone else, so why should we be looking at that in a negative way?”

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Mr Arora also said Labour shouldn't be so

Mr Arora also said Labour shouldn’t be so “negative” towards billionaires (Image: GETTY)

Labour has proposed some of the most radical changes to economic policy since the war, including denationalisation of key industry and increased taxation on those earning £80,000 or more.

Under Labour’s plans capital will gain tax which, charged on the sales of assets like property and shares, will rise to the same level in an attempt to tax wealth more effectively.

However, despite the proposals a new focus group in Birmingham suggested supporters are becoming fed up with the Labour leader’s cash giveaway pledges.

Mr Corbyn has pledged an unprecedented spending blitz if he wins power in the December 12 vote.

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Labour has proposed some radical economic changes

Labour has proposed some radical economic changes (Image: GETTY)

Mr Corbyn has pledged an unprecedented spending blitz if he wins power

Mr Corbyn has pledged an unprecedented spending blitz if he wins power (Image: GETTY)

However, members of a room full of Labour Leave voters refused to believe the Labour leader’s claims that only the richest five percent of taxpayers, those earning about £80,000 a year or more, would face tax rises.

A focus group of traditionally Labour supporters in Birmingham, filmed by Channel 4 News and led by James Johnson of JL Partners, were questioned about how they view Mr Corbyn.

The group of Brexit supporters were unanimous on their disapproval of the Labour leader’s unclear stance on Brexit and his “untrustworthy” election promises.

One man said: “But we don’t know where the money is coming from.”

Echoing him, another woman said: “It’s just going to hit somewhere else, isn’t it?”

Another man added: “Yes, that’s the biggest concern.”

In another moment, the Leave voters refused to put their hand up in support of the party they had been voting for their entire life when asked if they would vote Labour.

Senior figures in the Labour Party fear that Mr Corbyn is set for a humiliating collapse in Labour’s Red Wall of support in the North.

Polls suggest the party could lose out on thousands of votes in Labour heartlands that overwhelmingly supported Leave in the 2016 EU referendum.

Polls suggest the party could lose out in Labour heartlands that supported leave

Polls suggest the party could lose out in Labour heartlands that supported leave (Image: GETTY)

Those voters have since turned to the Conservatives, as they look forward to Boris Johnson’s delivery of Brexit.

The latest polling even suggest that Mr Corbyn’s popularity among younger voters has plunged.

The Conservatives have accused Labour of trying to bribe voters with their “reckless spending pledges”.

In Labour’s manifesto, Mr Corbyn promised to inject an extra £83billion of day-to-day spending into the economy, on top of £55billion of investment.



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