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ICAP boss Michael Spencer to move to New York if Labour wins election

Sharecast

LONDON (ShareCast) - Brokerage firm Icap (LSE: IAP.L - news) 's boss Michael Spencer threatened to move the company from the UK to the US if Labour wins the General Election. Spencer, who is also former treasurer of the Conservative party, said the pound would "get a thumping" under a Labour government.

"The City would undoubtedly prefer Cameron remaining as Prime Minister," the dealer added.

Re-domiciling into New York would not be easy, he warned, but it would be a "much more clement environment from a regulatory point of view".

The Labour Party launched its manifesto on Monday, where it vowed that every policy featured in its manifesto will be fully funded and require no additional borrowing.

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The Institute for Fiscal Studies' deputy director Carl Emmerson said that "some fiscal tightening will be needed" if Ed Miliband does not intend to borrow.

Unlike the Conservatives and Liberal Democrats, Labour offered no deadline regarding the elimination of the deficit, instead saying it would strive for a budget surplus "as soon as possible" between 2015 and 2020.