Lakshmi Mittal Joins Exodus of Billionaires Leaving UK Amid Tax Fears

Lakshmi N Mittal, a prominent Indian-origin billionaire, is relocating from the UK to Dubai due to anticipated tax reforms by the Labour Party's government. The move aligns with other wealthy individuals' decisions amid fears of new exit taxes, affecting UK stability for business investments.

Steel magnate Lakshmi N Mittal, known for his Indian roots and significant presence on the UK's billionaires list, has announced a move from the UK as the Labour Party gears up for potential tax reforms targeting the super-rich.

Originally from Rajasthan and currently based in Switzerland for tax purposes, Mittal, the driving force behind ArcelorMittal, is predicted to spend most of his future in Dubai, as per a report by 'The Sunday Times'. This decision comes amid speculations of a revised tax policy that includes a possible 20% exit tax ahead of Chancellor Rachel Reeves' budget announcement.

Mittal's move follows the path of other prominent entrepreneurs, highlighting growing discontent among the wealthy about Britain's fiscal policies, especially regarding inheritance and exit taxes. Significant apprehension persists about the UK Treasury's inconsistency, impacting the country's appeal as a hub for business investment.

(With inputs from agencies.)