Rishi Sunak shares concerns about making cost of living 'worse'
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It turns out that Chancellor Rishi Sunak is doing rather well during the cost of living crisis, with him and his wife earning a place on the Sunday Times rich list. The publication of their estimated net worth comes just days after Mr Sunak told the public “the next few months will be tough” as the cost of living crisis continues unabated.
How rich is Rishi Sunak?
The Sunaks found themselves 222 on the Sunday Times rankings of Britain’s 1,000 richest people, which are published annually.
The pair have a joint £730 million fortune – and the vast riches have come under intense scrutiny in recent months.
Ms Murty previously held non-domicile status in the UK, meaning she was not legally obliged to pay tax in the UK on her foreign income.
Earlier this year, it was reported that she took £11.6 million in dividends in the past year from Infosys, the Indian IT firm founded by her father.
Ms Murty’s non-dom status meant she would not have paid UK tax – at a rate of 39.35 percent – on the £11.6 million she took in dividends, according to the BBC.
Mr Sunak’s wife insisted she paid taxes on all UK income and said her status is required due to her being an Indian citizen.
The Sunak’s changed her non-domicile status following the scandal, which is widely interpreted to have ruined the Chancellor’s suspected hopes of succeeding Prime Minister Boris Johnson in the future. Mr Sunak is the first serving MP ever to make the list.
An individual estimate for Mr Sunak’s personal fortune is not available.
Overall, the richest 250 people in the UK this year are worth £710.723 billion, compared to £658.089 billion in 2021, an eight percent rise on 2021 figures.
The publication of their fortune comes at the same time as a Bank of England warning for the Chancellor, who has failed to tackle soaring inflation and help ordinary people with the cost of living crisis.
On Friday Bank of England’s chief economist, Huw Pill said the Treasury needs to take responsibility for tackling the UK’s widespread financial woes.
Mr Pill said that “the Bank of England doesn’t have a tool to offset the squeeze in incomes that’s coming” following a surge in inflation to 9pc last month, almost five times its two percent target.
Asked about what support he could offer to households, Mr Pill said: “You should ask my friends, colleagues and counterparts at the Treasury. The ball is in their court.”
The comments are the clearest sign yet of a rift between the Treasury and the Bank as prices rise at their fastest rate in 40 years.
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Who are the top ten richest people in the UK?
The top ten richest people in the UK are:
- Sri and Gopi Hinduja and family – £28.47 billion
- Sir James Dyson and family – £23 billion
- David and Simon Reuben and family – £22.26 billion
- Sir Leonard Blavatnik – £20 billion
- Guillaume Pousaz – £19.26 billion
- Lakshmi Mittal and family – £17 billion
- Christoph Henkel and family – £15 billion
- Guy, George, Alannah and Galen Weston and family – £13.5 billion
- Kirsten and Jorn Rausing – £12 billion
- Charlene de Carvalho-Heineken and Michel de Carvalho – £11.42 billion
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