UK Economy

Britain's richie-rich club saw their wealth melting away by more than half to 200 billion pounds in a year marked with a severe economic downturn, while Indian- origin steel tycoon Lakshmi Mittal took the biggest hit. With the net worth of some billionaires getting hit by as much as 90 per cent, Mittal and another Indian-origin business tycoon in Britain Anil Agarwal are among those having sufferred the biggest losses, The Sunday Times reported today.

A planned British government bailout worth tens of millions of pounds to keep Jaguar Land Rover afloat has helped the company’s owners, Tata, to secure extra funds. Tata found the cash because its banks were convinced that the Government would prevent a collapse, a source said. Officials had been working on the details of the package over the weekend.