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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.