Britain's super-rich are planning to feel the country should Ed Miliband be made Chancellor under incoming Prime Minister Andy Burnham. Fears have mounted after the Makerfield MP was said to be plotting a multi-billion tax raid targeting the country's wealth creators.

Now the country's top businessmen have reportedly engaged international tax advisors so they can work out new ways to skirt a possible expansion of Capital Gains Tax (CGT). Mr Burnham is widely expected to launch a review of CGT before his first budget this year.

The former Mayor of Greater Manchester has previously said the country has "overtaxed jobs [and] undertaxed wealth" in what was interpreted as a call to hike levies on gains outside of employment. Mr Burnham has pledged to stick to Labour's manifesto commitment - made more than 52 times - not to increase income tax, VAT or National Insurance. It means he could consider levelling the rates of income tax and CGT, and even a new top rate of income tax itself.

Critics have long pointed out that Rachel Reeves, Sir Keir Starmer's Chancellor, would go on to raise national insurance on employers, as well as slap VAT on school fees and drag many pensioners into income tax. They accused Ms Reeves of breaking the manifesto pledge at the time.

Mr Miliband, who currently serves as the Net Zero Secretary, is a close ally of Mr Burnham having seconded one of his staff sent to assist the Makerfield campaign. The Net Zero chief is now considered to be one of the frontrunners for the Treasury position.

That's despite City bosses having warned that such an appointment is likely to not be seen favourably by the markets, and pushing for a choice such as Shabana Mahmood or Wes Streeting. The Daily Telegraph reports that entrepreneurs are now planning "escape plans" should Mr Miliband take the role.

David Lesperance, an international tax advisor to the super-rich, told that paper: "My clients are concerned that, with the proclamations from both Andy Burnham and Ed Miliband, there will be a massive increase in CGT and possibly an exit tax as well."

"These people were concerned about Labour at the last election, and they have still got their escape plan set up. Now I’m getting more people setting up escape plans."

Mr Burnham has said he has not made his decision about who to make Chancellor. The equalisation of CGT with income tax has already been rejected by the Treasury before amid concern that it would end up raising less money than the current regime.