i Deputy Editor's Letter: For richer? Or poorer?

Good news – Britain now has more than 100 billionaires! Together they boast a combined wealth in excess of £301bn – a rise of £56bn on last year. And it may come as no surprise that the capital boasts more billionaires than any other city in the world. According to the Sunday Times Rich List, London has 72 – far ahead of its nearest rival Moscow, which has 48.

Good news? Really? Certainly it is of no consequence for the millions on benefits or claiming jobseeker’s allowance every week. Not to mention those on the minimum wage or zero-hours contracts. And it’s of little interest to those living outside London, which appears to be sucking the country dry. The housing bubble, which started in the South-east and has inflated across much of the country, is largely a result of rich City workers outbidding locals.

But the figures should give us some encouragement. When the rich get richer, it gives them reason to expand their empires and create more jobs. Would we prefer them to lose money, in turn driving the rest of us down further? The arguments for raising taxes will grow louder, but do it too much and they will take their business elsewhere.

Inequality is a huge problem, but if we want to relieve poverty, we are better off holding them close.

*****

It’s all over for another year, the nerve-jangling final hour-and-a-half of competition, jostling for places at the top of the table and a place among Europe’s elite. Several cried foul when the referees overruled crucial decisions, but as usual it wasn’t a Briton that lifted the title. Indeed, we knew who was going to win it – and finish in the bottom three – before the final round. The victors blew kisses and thousands celebrated passionately after the trophy was awarded and paraded on home turf.

But enough about the Eurovision winner Conchita Wurst. We should also congratulate Manchester City on winning the Premier League.

i@independent.co.uk

Twitter.com: @jonesrhodri