Wealthy Britons think Theresa May's Conservative government will make them richer

 
Jasper Jolly
Luxuary Cars On Display Amidst Foreign Wealth In Knightsbridge
High-net-worth Brits think the government will make them richer (Source: Getty)

More than half of wealthy British people think the current government will make them richer, a new survey has revealed.

Some 59 per cent of high-net-worth people, those with non-property assets of more than £100,000, think this government will benefit their wealth, according to a survey by IW Capital, an investment manager.

A majority of high-net-worth Britons are also positive about the outcome of Brexit, with 64 per cent thinking the UK economy will be in a stronger position after leaving the EU.

Luke Davis, chief executive of IW Capital, said: “The General Election result may have come as a shock, but today’s research demonstrates that much like Brexit uncertainty, wider investor sentiment remains buoyant.”

The findings echo earlier surveys which found wealthier people were more likely to think Brexit will benefit them. A survey in March by the Swiss bank UBS found 78 per cent of millionaires think leaving the EU will have a positive effect on their finances.

Read more: What a minority government means for the UK economy

Investors with international portfolios have gained significantly from the aftermath of the Brexit vote. Weaker sterling, which remains around 14 per cent less valuable against the US dollar than immediately before the referendum, has boosted the FTSE 100, while making foreign holdings more valuable in sterling terms.

The findings among the rich are echoed in London. The survey found 54 per cent of people living in the capital thought the government would make them wealthier.

The confidence comes in spite of the weakness of government since the surprise General Election result. Last month Prime Minister Theresa May’s Conservative party lost its parliamentary majority, necessitating a “confidence and supply” deal with Northern Ireland’s Democratic Unionist Party (DUP) to form a government.

However, the result may have actually benefited wealthier people, forcing the government to retreat from election pledges that may have cost them more. This included the so-called dementia tax, in which wealthier people would have been forced to pay much more for care.

Meanwhile the alliance with the DUP has also ensured plans to introduce means testing for the winter fuel allowance for pensioners were scrapped.

Read more: British millionaires bullish on Brexit

Related articles