Harrods boss warns on dangers of Corbyn government as profits slip

Harrods' profits edged down last year

Harrods managing director Michael Ward has voiced fears that a Corbyn administration would impose money exchange controls to stop cash flowing overseas and that wealthy customers would take fright.

Ward made his comments to The Times, and revealed that Harrods’ profits dipped last year – a shorter accounting year during which the retailer invested in its landmark Knightsbridge store.

Ward said he knew of wealthy individuals shifting money abroad and said: “God forbid if there is a Jeremy Corbyn government. The first thing it would have to do would be to put in exchange controls because the flow of funds out the country would be so great.”

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