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For any copyright, please send me a message. He said Shadow Chancellor John McDonnell’s “divisive message” on commerce was “destroying confidence” in business. Mr Caudwell savaged Labour's plans to devour the assets of the rich as he warned John McDonnell the party's tax measures could spark an exodus of wealthy people from the UK. Labour has vowed to hike up taxes on the top five per cent of earners and to reverse cuts to corporation tax if it wins power at the general election on Thursday. Mr Caudwell said: “Nearly every wealthy person I know is thinking of leaving the UK - including me - if Labour get in.” The billionaire challenged the Shadow Chancellor during a face-to-face meeting on the BBC and said that Labour’s tax hike “frightens the living daylights out of me” . Mr McDonnell tried to allay Mr Caudwell’s fears, saying: “I applaud what you do. “I have actually said I do pay tribute to those people, the entrepreneurs who create the wealth, who pay their taxes and act responsibly. “I do that every time. “But is it about having a fair taxation system as well.” Mr Caudwell interrupted and said changes to the tax system had to be made “pragmatically” to which Mr McDonnell replied: “That is exactly what we are doing though John.” “If you look at our proposals in this election, we are talking about the top five per cent paying a bit more in terms of income tax rate. “Again, not significantly more. “We are looking at, yeah, reversing some of the corporation tax cuts, not all.” Mr McDonnell insisted Labour's plans would create a fairer society. Labour is planning to pay for much of its eye-wateringly expensive manifesto through tax rises on the rich. The Shadow Chancellor also claimed the “existing system is collapsing around our ears”. Of his contribution to the taxman, Mr Caudwell said: “I’ve paid over £300 million in total if you take capital gains tax as well as income tax. “I’m happy to do that because it is a contribution to society, the society that helped me be successful and a society that desperately needs my tax dollars. “In addition I spend probably at least 60 or 70 per cent of my waking hours on charitable purposes.” Asked by the BBC interviewer moderating the exchange why he was so concerned about Labour's tax plans, Mr Caudwell said: “When I hear words like, or phrases like, ‘nobody deserves to be a billionaire’ and phrases like, ‘we're going to tax high technology companies’, it frightens the living daylights out of me and out of society.” Mr McDonnell has defended Labour’s claim that billionaires in the UK have benefited from £100bn in tax cuts and giveaways as he said super-rich people threatening to leave the country over Labour’s tax plans had misunderstood their proposals. Before a speec
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