Billionaire Phones4U founder John Caudwell warns that 'every wealthy person in the UK' will LEAVE if Labour wins general election as he savages John McDonnell's 'frightening' tax hikes

• Billionaire John Caudwell had a face-to-face meeting with John McDonnell 
• Mr Caudwell said he would not have started business under current Labour Party
• He said the party's tax plans would prompt many wealthy people to leave UK
• He claimed Labour's 'divisive message' was 'destroying confidence' in business
• But Mr McDonnell defended plans to hike up taxes on the richest five per cent 

Billionaire Phones4U founder John Caudwell has savaged Labour's plans to soak 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. 

But Mr Caudwell said 'nearly every wealthy person I know is thinking of leaving the UK including me if Labour get in' as he challenged Mr McDonnell during a face-to-face meeting. 

Mr Caudwell, a well-known philanthropist, slammed Labour's approach to business and said it 'frightens the living daylights out of me' after he was invited for tea by Mr McDonnell.

He also revealed he would not have started his business if the current version of the Labour Party was in charge at the time. 

Mr McDonnell told Mr Caudwell he did not believe the latter claim as the shadow chancellor insisted Labour's plans would create a fairer society. 

Who is John Caudwell?

A 67-year-old billionaire philanthropist who co-founded the mobile phone company Phones4U. 

He sold the business in 2006 for a sum of £1.5 billion, making him one of the UK's richest people.

A supporter of Brexit, Mr Caudwell has founded two charities : A children's charity called Caudwell Children and Caudwell LymeCo which was set up to help people who suffer from the effects of Lyme disease and to raise awareness. 

He grew up in Stoke-on-Trent and lived in a caravan with his first wife after they first got married. He is now separated and has five children. 

He said in an interview published earlier this year that the most expensive thing he has ever bought was a £35 million 73-metre yacht which he described as 'a bargain'.

Labour's mass public ownership plans slammed by UK industries

Labour's nationalisation plans were today slammed as 'bad for customers, the environment and the economy' after John McDonnell said the party would launch its state takeover of key industries within weeks of taking power.

Mr McDonnell used a speech in central London to tell voters that starting the process of taking ownership of water, energy, rail and even broadband would be a key priority in Labour's first 100 days in office. 

He also announced that if the party is victorious at the ballot box on Thursday he would hold his first budget as chancellor on February 5, setting out plans to 'save the NHS' and end austerity 'once and for all'.

Nationalising a selection of key industries is a major plank of Labour's election offering to voters but the Institute for Fiscal Studies think tank said it would cost at least 'many tens of billions of pounds'. 

Meanwhile, there are growing concerns the shift from private to public ownership could cause massive disruption and some businesses fear a return to the chaos of the 1970s. 

Labour is planning to pay for much of its eye-wateringly expensive manifesto through tax rises on the rich which means that if a significant number of wealthy people were to leave the UK the party's plans would likely be left in tatters. 

The row between the two men came as a poll showed the Tory lead over Labour had narrowed to six points, Mr McDonnell's plans to nationalise numerous UK industries were heavily criticised and Boris Johnson became embroiled in a row over NHS funding.  

The shadow chancellor claimed during the sit down with Mr Caudwell that the 'existing system is collapsing around our ears' - something the businessman dismissed.  

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 tried to assuage Mr Caudwell's fears and said: '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.' 

The shadow chancellor continued: '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.' 

Boris Johnson grabs reporter's phone in bizarre NHS row

Boris Johnson bizarrely took a reporter's phone and put it in his pocket today after refusing to look at a photograph of a sick four-year-old boy who was forced to lie on a hospital floor. 

The PM took evasive action despite apologising to the family of Jack Williment-Barr, who was taken to Leeds General Infirmary by ambulance last week with suspected pneumonia.

As there were no beds and the department was experiencing its busiest week since 2016, he was left lying on a pile of coats in a clinical treatment room, attached to an oxygen mask.

Speaking on the election trail in the north of England today, the Prime minister said sorry and pointed to the huge investment being pledged by the Tories.

But when ITV reporter Jo Pike tried to show him the picture of the boy on his phone, Mr Johnson declined to look at it. He eventually took the device and put it in his pocket before then retrieving it and looking at the picture. 

Asked if he would have started his business under a government led by Jeremy Corbyn, Mr Caudwell said: 'The Labour Party as it stands today, if they were in power, no, I would not.'

Mr McDonnell said: 'I don't believe that.' 

Mr Caudwell continued: 'No, it's true. You can't challenge me on that. Why would I stay in a political environment that's unfriendly and not encouraging entrepreneurship?'

The shadow chancellor insisted Labour was pro-business but Mr Caudwell said: 'No, you're not because what you're doing is you're creating a divisive message. 

'What you are doing as a Labour Party is destroying confidence and if you destroy confidence, nearly every wealthy person I know is thinking of leaving the UK including me if Labour get in.' 

Mr McDonnell told the businessman: 'If people have anxieties come and see us.'

Mr Caudwell has been a vocal critic of Mr Corbyn's approach to business during the latter's time as Labour leader. The businessman is also a supporter of Brexit.

Mr Caudwell is estimated to be worth £1.5 billlion having sold Phones4U in 2006 and he reportedly pays more tax than anyone else in the whole of the UK. 

He has previously said that if he was the chancellor he would offer incentives to wealthy business owners to move their operations to the UK. 

Boris Johnson and the Tories' general election poll lead is down to just SIX points as Jeremy Corbyn and the Labour Party try to scupper the PM's hopes of winning a majority

Boris Johnson and the Tories' lead over Jeremy Corbyn and the Labour Party has narrowed to just six points with the general election three days away. 

The Prime Minister has consistently been polling double digits ahead of Mr Corbyn but a new ICM Research survey suggests the race for Number 10 is tightening. 

The poll, conducted between December 6-9, puts the Tories on 42 per cent - the same rating as the company's last survey published at the start of the month. 

But Labour has gained one point and is now on 36 per cent overall, boosting the party's hopes of depriving Mr Johnson of a majority. 

A six point lead for the Tories if replicated at the ballot box on Thursday would likely put the UK on the brink of another hung parliament. 

The survey will spark alarm bells at Conservative Party headquarters and while it will be welcomed by Labour it suggests the party may have left it too late to overhaul the Tory lead and win a majority of its own. 

However, in a sign of just how unpredictable the election race is, a separate poll published overnight gave the Conservatives a 14 point lead over Labour. 

That poll, conducted by Survation between December 5-7, puts the Tories up three points to 45 per cent and Labour down two points to 31 per cent when compared to a previous survey published on November 30. 

A 14 point lead on polling day would deliver Mr Johnson a thumping parliamentary majority. 

The new polls were published amid a renewed bid by pro-Remain campaign groups to urge people to vote tactically on December 12. 

People's Vote, Remain United and Best for Britain - three of the biggest pro-EU campaign groups - have joined forces to issue a statement calling for people to work together to 'block Brexit' in marginal seats. 

The groups are hoping to prevent Mr Johnson winning a majority in order to force a second referendum. 

In the joint statement Naomi Smith, CEO of Best for Britain; Stuart Hand, director of People’s Vote and Gina Miller, founder of Remain United, said: 'In these final few days of the election campaign, as voters make up their minds, the choice has never been starker or the consequences more profound. 

'That's why Remain United, People’s Vote and Best for Britain are speaking with one voice to remind voters of the power of their own voice and their ability to defeat the Tories in dozens of key target and marginal seats around our country. 

'The only option left to voters wishing to avoid the dire consequences of Boris Johnson’s Brexit on the UK is to vote tactically on December 12.'

The statement comes after polling for Best for Britain suggested that tactical voting in 36 marginal seats could scupper Mr Johnson. 

In those seats it would take 2,500 tactical votes or less to prevent a Tory hold or gain, according to the data published by the group.