Millions in job loss fear

Make your way out of a recession Government cuts are ‘not a done deal’

workers survive during this pandemic, but businesses need to do the right thing too. That will mean those that can will need to get back to paying the costs of the businesses they own and the workers they employ.

“In my view, further support from the state should only be given to those who roll up their sleeves and play their part too.”

Conservative MP Peter Bone said: “People will find it difficult to understand why the ultra-rich are sponging off the taxpayer.

“Many of my constituents would think they should be paying the wages and not the taxpayer.”

Carys Roberts, of the Institute for

Public Policy Research, said: “Some businesses receiving taxpayers’ help during the Covid crisis are owned by wealthy individuals, who for years have rewarded themselves generously while paying minimal UK tax. Why haven’t they invested more in good times to make their businesses more resilient against economic shocks?

“Why can’t they now dip into their own deep pockets instead of asking ordinary families to do so for them?”

Chancellor Rishi Sunak last week extended the furlough bail-out from the end of June to the end of October.

The Sunday Times Rich List is an annual compilation of the UK’S top 1,000 wealthiest people. This year

SENIOR BA cabin crew are facing a 55% pay cut.

Airline bosses wrote to employees outlining potential new salaries and announced they are consulting unions over possible job cuts, with 4,700 jobs on the line.

Crew numbers could be nearly halved from 1,860 to they were worth a total of £743bn – £29bn less than last year.

London remains the world’s billionaire capital with a total of 89 born or living in the city.

Pop star Rihanna, who now lives in London, has made her Rich List debut with an estimated fortune of £468m.

Inventor Sir James Dyson has been declared the UK’S richest person for the first time with a portfolio valued at £16.2bn. Sir James, 72, topped the list despite losing £500m of his own money on an electric car project which he hoped would rival Elon Musk’s Teslas but was axed.

971 and main crew numbers risk being cut from 12,402 to 8,591 as the airline deals with travel restrictions.

Howard Beckett, of Unite, said: “British Airways are cynically and opportunistically using the coronavirus pandemic to make swathes of workers redundant while

CONSERVATIVE MEMBER OF PARLIAMENT SHADOW EMPLOYMENT RIGHTS SECRETARY

simultaneously slashing the terms and conditions of the staff who remain.

“The cuts in pay are between 55% and 75% for thousands of crew.”

BRITAIN must manufacture its way back to boom times after Covid-19 exposed “fundamental flaws in the UK economy”, a report says today.

It urges ministers to invest in manufacturing or face a decade of hardship, with millions worse off.

The alert comes in the first report from the John Mills Institute for Prosperity, launched by the TV tycoon and ex-labour donor. His think-tank aims to spark a revival in “left-behind” parts of the country.

Manufacturing is less than 10% of the economy but the study says that must rise to 15%, or living standards may be “significantly lower in 2030 than 2019”.

Mr Mills, above, said: “Prospects for recovery have been made more bleak by a decade of low growth and deeply unbalanced economy.”

Labour’s Caroline Flint said: “We either shape our future and remain a manufacturing nation, or see more industry go to the wall.”

THE imposition of more austerity to fix the financial damage caused by Covid-19 “is not a done deal”, a top economist said yesterday.

Office for Budget Responsibility chairman Robert Chote said public spending might not be slashed, despite estimates Government debt will rise by over £300billion.

Mr Chote, below, insisted people should not panic as the economy should be over “the worst” in terms of the hit from the lockdown. And he said we are now entering a recovery phase restrictions are gradually relaxed.

“The fact debt goes up doesn’t necessarily mean you have to have the sort of austerity that followed the financial crisis,” he told the BBC Andrew Marr show.

“Much more important to that is whether you have scarring of the economy – if the economy is permanently smaller you get permanently less tax revenue.

“At the moment it’s cheap for the Government to borrow.

“A post financial crisis-style extended period of austerity is not a done deal.”

MONEY MAKER Chemical giant boss Jim Ratcliffe MUSIC BOSS With singer Rita Ora PLUSH Lime Wood hotel, Hants

ONE in five fear losing their jobs within six months, a poll found. In the survey of 2,000 adults, one in four said they were just a month from defaulting on their rent or mortgage. Three out of five said they were three months or less away. The Class think-tank said their poll showed extending the furlough scheme was not enough. It urged Chancellor Rishi Sunak to introduce a new job creation scheme. Class director Dr Faiza Shaheen said: “It is shocking that over half of all workers fear they are so close to being without a roof over their heads. “Millions, including those on Universal Credit and those not qualifying for furlough, will be increasingly desperate as their mortgage and rent holidays end. “Protecting workers requires looking past emergency measures to a recovery plan.”