Britain's wealthiest individuals are preparing to leave the country amid belief Jeremy Corbyn will become Prime Minister, it was reported.

Billionaires and multimillionaires are said to be making plans to protect their fortunes, which include moving their assets and businesses overseas, in preparation of tax increases should the Labour leader enter Downing Street.

According to The Sunday Times, which today publishes its annual Rich List, individuals could take up to £1 trillion out of Britain amid fears over what has been dubbed 'Corbygeddon'.

The newspaper reported that the head of Coutts, the Queen's bank, said clients were more concerned with Corbyn than by Brexit and that a tax expert had helped a number of people with a net wealth of more than £500 million, totalling more than £5 billion, leave Britain over the past year.

Millionaire philanthropist Alfie Best, who built his £285 million fortune through mobile home parks, reportedly said he would pull his personal wealth out of Britain should Mr Corbyn become Prime Minister.