Britain's richest man loses £20billion as tycoons feel the force of markets meltdown
 

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The financial meltdown has cost London's tycoons billions.

Their losses will have a massive impact on the city's economy, forcing the closure of hundreds of shops, restaurants, bars and hotels.

The biggest single loser is steel magnate Lakshmi Mittal, who has already seen £20billion wiped off the fortune that made him Britain's richest man.

The cost to the billionaires emerged today as Gordon Brown said bankers and financiers who take irresponsible risks should be "punished".

'I am angry at irresponsible behaviour,' he told GMTV.

Speaking as the markets steadied, he added: 'Our economy is built around people who work hard, who show effort, who take responsible decisions, and where there is excessive and irresponsible risk-taking, that has got to be punished.'