UK Economy
Billionaire Lakshmi Mittal, chairman of ArcelorMittal, is planning to relocate from the UK to Dubai amid rising taxes and policy uncertainty under the Labour government. This move follows recent reforms including hikes in inheritance and capital gains taxes. Other wealthy British Indians, such as tech entrepreneur Herman Narula, are also heading to the UAE.
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A cyberattack that shut down Jaguar Land Rover's operations since August 31 has been estimated to cost the UK £1.9 billion, marking it as the most economically damaging cyber event in the country's history. The incident disrupted production and affected over 5,000 British organisations. Partial production has recently restarted, but full recovery is not expected until January.