Five things you didn’t know about Lakshmi Mittal, Britain's wealthiest citizen

The steel king had a recent spat with François Hollande.

A recent spat with François Hollande has revealed just how much clout is carried by Britain’s wealthiest individual. After Arnaud Montebourg, French Minister for Industrial Recovery, threatened nationalising ArcelorMittal’s French steel furnaces, its owner Lakshmi Mittal went straight to the Elysée Palace to call a meeting with Hollande. The entrepreneur and politician battled out a deal that, by Monday afternoon, revealed Mittal as the winner: his steel plants will not be nationalised. However, this is not the first time Mittal has thrown his industrial might against politics. Here are five other things you may not have known about Lakshmi Mittal:

  1. The Indian born magnate has clashed once before with a French president. During Jacque Chirac’s tenure, Mittal went through with a hostile takeover of the French company, Arcelor, against the President’s wishes. Allegations of xenophobia caused Chirac to later comment: "In principle, we have absolutely nothing against a non-European taking over a European company."    
  2. Hostility with French politicians is balanced with warm relations to the British. A major Labour Party donor, Mittal was accused in 2002 of buying political power. When a Romanian state steel company was being auctioned off, Tony Blair wrote a letter to the Romanian Government in favour of Mittal’s LNM. The letter, when revealed, caused uproar, especially since LNM was not registered in Britain, but in the Dutch Antilles, exempting it from hefty tax.     
  3. Although he only moved to Britain in the 1990s, Mittal is now our wealthiest citizen. His personal $20.7 billion is larger than the GDP of Equatorial Guinea.
  4. The ArcelorMittal Orbit is named after him. The red tower, designed by Anish Kapoor and dubbed the Hubble Bubble by Boris Johnson, was built with his own steel.
  5. After long negotiations, Mittal was the first person granted a private party in the Palace of Versailles. The occasion: the engagement of his daughter, Vanisha, who then moved in next door at 9A Palace Greens, Kensington Garden.
Lakshmi Mittal. Photograph: Getty Images

Oliver Williams is an analyst at WealthInsight and writes for VRL Financial News

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FTSE 100 plunges after Theresa May signals hard Brexit ahead

The Prime Minister is to lay out her Brexit plan later today. 

The FTSE 100 and the FTSE 250 plummeted this morning after the Prime Minister signalled Brexit will mean leaving the single market.

Theresa May is expected to rule out "partial membership" or any other kind of "half-in, half-out" deal with the EU in a speech later today.

The FTSE 100, the index of the UK's 100 biggest companies, and the FTSE 250 both fell more than 0.3 per cent immediately after opening. 

The worst performers included the housebuilder Barratt Developments, consumer goods tester Intertek and the mining company BHP.

Stock markets have been buoyant since Brexit, in part because many of Britain's biggest companies are international and benefit from a devalued pound. 

However, while markets fell, the pound crept up against the dollar, to $1.21. 

Critics of the Prime Minister say she is sacrificing the economy to prioritise immigration controls.

TUC general secretary Frances O'Grady warned: "If we leave the single market, working people will end up paying the price. It'd be bad for jobs, for work rights & for our living standards."

According to the Office for National Statistics, inflation rose from 1.2 per cent in November to 1.6 per cent in December. 

Julia Rampen is the editor of The Staggers, The New Statesman's online rolling politics blog. She was previously deputy editor at Mirror Money Online and has worked as a financial journalist for several trade magazines.