Rich get richer under Labour

Britain's billionaires have grown even richer under Labour, research by a Leftwing magazine shows.

Many members of the super rich have seen their fortunes double or treble since Tony Blair came to power in 1997.

Among those to have prospered over the last eight years are the Duke of Westminster, whose fortune has leapt by 194 per cent to ? 5billion, Formula One boss Bernie Ecclestone whose wealth has increased by 745 per cent to ?2.3 billion and retail king Philip Green who has amassed ?3.6 billion.

The rise of super-rich, most whom are based in London, will raise questions about Labour tax policies.

According to research by the New Statesman, the top one per cent of earners have seen their wealth rise at a faster rate than the rest of society.

The Office of National Statistics says the 600,000 wealthiest people doubled their wealth to ?797billion in Labour's first six years. Most benefit from rules which exempt people who spend fewer than 90 days in the UK from paying taxes on overseas earnings. This is thought to cost the Treasury billions but Gordon Brown has yet to close the loophole.

While the share of the national wealth by the super rich has grown from 20 to 23 per cent, the share of the poorest 50 per cent has fallen from 10 per cent in 1986 to five per cent in 2002.