Sun Nov 23 18:20:36 UTC 2025: Here’s a summary of the text and a rewrite as a news article:

Summary:

Indian-origin steel magnate Lakshmi N. Mittal, currently residing in the U.K. and listed as the country’s eighth richest man, is reportedly planning to leave the U.K. for Switzerland and Dubai. This decision is driven by the Labour Party-led government’s anticipated tax increases for the wealthy, specifically inheritance tax concerns and perceived instability caused by potential future tax changes. Other entrepreneurs, like India-born tech investor Herman Narula, are also leaving the U.K. due to these concerns, even with the government scrapping plans for a specific “exit tax.” The uncertainty surrounding the U.K.’s tax policies is undermining confidence among wealthy individuals and business owners, leading them to seek more financially favorable environments elsewhere.

News Article:

Billionaire Exodus: Steel Tycoon Mittal Latest to Flee UK Over Tax Fears

London – November 23, 2025 – Lakshmi N. Mittal, the Indian-origin founder of ArcelorMittal and one of the U.K.’s wealthiest individuals, is reportedly planning to leave the country, joining a growing exodus of high-net-worth individuals concerned about impending tax hikes from the Labour Party government.

According to The Sunday Times, Mittal, currently ranked as the U.K.’s eighth richest man with an estimated fortune of £15.4 billion, will relocate to Switzerland for tax residency and spend significant time in Dubai, where he already owns property and is investing in the Naïa Island development.

Mittal’s departure comes ahead of Chancellor Rachel Reeves’ highly anticipated budget announcement on Wednesday, November 26th, where further tax increases are expected to address a £20 billion hole in the U.K.’s finances. While the government has denied plans for a specific “exit tax,” rumors of higher inheritance taxes and other levies on wealth have spooked many.

“The issue was inheritance tax,” a source close to the Mittal family told The Sunday Times. “Many wealthy people from overseas cannot understand why all of their assets, wherever they are in the world, should be subject to inheritance tax imposed by the U.K. Treasury.”

Mittal is not alone. India-born tech entrepreneur Herman Narula, founder of AI-focused Improbable, has also announced plans to move to Dubai, citing similar concerns.

The departures underscore growing unease among wealthy individuals and business owners about the U.K.’s tax climate. A series of policy flip-flops from the Treasury Department in recent weeks are said to be undermining the government’s efforts to present the U.K. as a stable and predictable place for investment. The potential loss of these high-net-worth individuals and their businesses raises concerns about the long-term economic impact of the government’s tax policies.

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