Sir Richard Branson has pledged to mortgage his private Caribbean island in exchange for government help.
The billionaire, who has been a tax exile in the British Virgin Islands for more than a decade, warned that his airline, Virgin Atlantic, would need a taxpayer loan to stay afloat.
The tycoon, whose Virgin Group owns 51% of the airline, insisted he was not looking for a handout but a £500m commercial loan, backed by Necker Island as collateral.
Branson, thought to be worth £4bn, bought Necker Island in the late 1970s and turned it into a high-end resort for the super-rich.
