Lord Sainsbury trumps Sir Tom Hunter with £1bn donation
Lord Sainsbury, the former minister and supermarket tycoon has become the first Briton to donate £1bn to charity.
Sir Tom Hunter announced last year he hoped to donate £1bn during his lifetime, but has pulled back on giving this year due to the recession.
A spokeman for Sir Tom Hunter said: "Sir Tom’s level of commitment remains the same, however in the current climate we have had to re-invest into the business, as many others are doing. Sir Tom’s long term aim is to donate the full £1bn."
Lord Sainsbury, one of Britain's richest men, has instructed the trustees of his foundation – the Gatsby Charitable Foundation - to spend the funds as he expects all the money to be used before he dies. The donations will go towards scientific research, the arts and mental health, and projects in East Africa.
John Low, chief executive of the Charities Aid Foundation, a registered charity that helps people give money to other charities, said: "Lord Sainsbury’s generosity gives a much needed boost to charities in these difficult financial times showing that philanthropy is alive and well.
“When highly motivated and successful people decide to focus on charitable giving they can have a very substantial and positive impact. Many of these philanthropists say it is the best money they have ever spent."
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