Alexander Downer has warned that superannuation savings will be damaged if the election battle between Boris Johnson and Jeremy Corbyn delivers another hung parliament and deprives investors of certainty over Brexit
Corbyn and shadow chancellor John McDonnell plan to spend an extra £83 billion a year in day-to-day spending, funded in part by introducing the 45 per cent tax rate at £80,000 rather than the current £150,000, as well as a new 50 per cent rate for those on more than £125,000.
A recent Capital Economics research note predicted a "major shock to UK equity markets" should Labour pull off a shock win. "But let me tell you, if there is a surprise and Corbyn does become prime minister, Great Britain would become a laughing stock for sensible people," he said. The Labour leader spent the final day of the campaign touring regional areas crucial to Thursday's outcome, while Johnson used a large rally at an arena in east London to again warn of the dangers of a hung parliament.
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