Labour must rethink tax to stop billionaires fleeing UK

A few years ago, we had a celebratory family lunch for A-level results. We splashed out and went to Nobu in London’s Park Lane.

- CHRIS BLACKHURST

There we were, just the four of us, when there was a sudden kerfuffle with the waiters rushing round, setting a large table. In came Lakshmi Mittal and his entourage. The bill was steep by our standards, but it was a treat; theirs, presumably a regular occurrence, must have been higher by several multiples.

The restaurant, an adornment to the capital’s dining scene, beloved of celebrities and the wealthy, needs the patronage of billionaire Mittal, one of Britain’s richest people, and folks like him. The place is a substantial employer. Without them, it would not survive, at least not in its present form.

Now, it’s reported that steel tycoon Mittal is considering leaving the country following the government’s move against nondomiciled residents. He’s lived in the UK for three decades but has told colleagues he’s had enough, that he will go elsewhere since this administration clearly no longer wants and values his presence. Rachel Reeves is planning to curb the advantages enjoyed by non-doms that allow them to avoid paying British tax on their overseas earnings.

The UK’s seventh-richest person, Mittal is worth an estimated £14.9bn, according to the