Britain’s wealthiest lose billions to coronavirus

HALF of Britain’s top ten wealthiest people have furloughed staff under the Government’s taxpayerbacked scheme.

Since the coronavirus pandemic began two months ago, £54billion has been wiped from the wealth of Britain’s super rich, according to the annual Sunday Times Rich List, which sees inventor Sir James Dyson declared the UK’s richest person for the first time with a portfolio now valued at £16.2 billion.

More than half of the UK’s billionaires have lost money, with one tycoon known to be down as much as £6billion, with the combined riches of the top 1,000 wealthiest people plunging to levels not seen since the 2009 financial crisis.

Despite their colossal wealth, research shows that 63 of those featured on the list – including 20 billionaires – have used the Government’s furlough scheme for their staff. It allows workers to receive 80 per cent of their salaries to a maximum of £2,500 a month from the taxpayer.

They include the Indian-born Hinduja brothers, ranked second on this year’s list, who have furloughed some 360 employees at their North Yorkshire-based bus-making firm, Optare. Sir Jim Ratcliffe, who has dropped to fifth having topped the rankings in 2018, co-owns The Pig hotel chain, which has furloughed most of its staff.

A further three of the top ten have also taken advantage of the furlough scheme – the Reuben brothers, Sir Leonard Blavatnik and the Weston family, who own Primark.

Sir Richard Branson, who lobbied for a £500 million loan from the taxpayer to rescue his airline Virgin Atlantic, is now worth £3.625 billion – a fall of £425million since last year. Virgin recently announced plans to cut 3,000 jobs and close its operation at Gatwick.

Carys Roberts, executive director of the Institute for Public Policy Research, questioned the use of furlough schemes by the superrich. ‘Some businesses receiving taxpayers’ help during the Covid19 crisis are owned by wealthy individuals who for years have rewarded themselves generously while paying minimal UK tax,’ she told The Sunday Times.

‘Why haven’t they invested more in economic 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?’

The Rich List has compiled the top 1,000 wealthiest people in the UK. This year’s list has a combined wealth of £743billion – £29 billion less than the total of last year’s entrants.

It features a growing number of young self-made millionaires.

Star Wars actors Daisy Ridley and John Boyega make the under30s list for the first time.

And pop star Rihanna, 32, who now lives in London, makes her Rich List debut with an estimated fortune of £468million.