Billionaire Peter Hargreaves has warned Britain’s ultra-rich could abandon the country if Labour wins the next General Election.

The financial services tycoon said he expects an exodus of entrepreneurs if Corbyn takes power, saying they will “not be able to tolerate extreme socialism”.

Dominic Samuelson, chief executive officer of Campden Wealth, which helps affluent families network, has also fired warning shots.

He said: “What keeps families inside and outside the U.K. awake at night is the risk of a Labour government.

“All bets are off if that comes to fruition.”

Labour has opened up a three point lead over the Tories in the polls after Brexit turmoil engulfed Theresa May’s party last week.

Researchers found the decline was primarily caused by Leave supporters withdrawing their support to the party.

The proportion of Leavers backing the Tories has dropped by 10 points to 49 per cent. Labour’s support among Leavers has risen by four points to 26 per cent, while Ukip has increased by six points among Leavers to 16 per cent.

But a change in the next General Election could spell disaster for the most well off in society. With many already fleeing the country to safeguard their fortunes from the turmoil of exiting the European Union, a Labour government could ramp up the scale of the exodus.

Harinder Hundle, London managing partner of TwinFocus, told Bloomberg: “Ultra-high net worth individuals need to be focused on the political risk of a change in government.

The current Brexit deal “is UHNW-friendly and would be positive for a smooth orderly transition.”

Keith Johnson, CEO of Family Office Council, added: “There are increasing signs that they are making an effort to understand in any detail what it will mean if he wins.

“A general sense of dread is being replaced by a more detailed understanding of the risks.”