A proposal that aims to relieve world poverty by raising over $75bn (£53bn) using more generous tax breaks for billionaires was revealed last night. Devised by Nobel Prize winning economist Sir James Mirrlees, and drawn up with Renu Mehta, founder of the Fortune Forum networking organisation for the super-rich, the proposal estimates that if the tax break system was applied across all G8 countries £53bn in new money could be raised. The invitation only meeting, held at the Dorchester hotel in Mayfair and attended by models, celebrities and philanthropists, launched a campaign to persuade the Treasury to grant 50% tax relief on donations that benefit the UN's millennium development goals, The Guardian reported. The Fortune Forum said its goal was to get the proposal adopted in the UK to begin with, where it is believed it could raise an additional £5bn for international development if the rich were given the incentive of tax breaks. But the Treasury has said it already provided 40% tax relief donations from higher rate taxpayers. Governments encouraged to take part in the scheme, endorsed by UN secretary general Ban Ki-moon, will need to be convinced that the tax relief will encourage more giving.