[an error occurred while processing this directive]
BBC News
watch One-Minute World News
Last Updated: Tuesday, 16 January 2007, 19:57 GMT
Steel tycoon gives 2m to Labour
Lakshmi Mittal
Mr Mittal is a longstanding Labour donor
Steel magnate - and Britain's richest man - Lakshmi Mittal has donated 2m to the Labour Party.

Tony Blair said he was "delighted that Mr Mittal, who is one of the world's most successful businessmen, has made such a generous donation".

Mr Mittal, who according to the Sunday Times rich list has a 14.8bn fortune, is a longstanding Labour donor.

Labour admitted "acute cash flow problems" in November after figures revealed it owes 23.4m.

'Long-term supporter'

Speaking after Mr Mittal's donation was announced, a Labour spokesman said the money would "allow the party to continue to make investments to meet the electoral challenges we face over the next year".

Party chairman Hazel Blears also praised Mr Mittal for his "very generous donation".

Mr Mittal was not among those who bankrolled the 2005 election campaign, and there is no suggestion that he has sought any honours in return for his support for Labour.

In a statement, Mr Mittal said: "I am a long-term supporter of the Labour Party and the work it has done in the United Kingdom to improve the overall prosperity and prospects of the country since coming to office in 1997."

From modest beginnings in India, Mr Mittal has created a steel empire spanning the globe.




SEE ALSO
Labour 'facing membership crisis'
26 Dec 06 |  UK Politics
Labour facing cash flow problems
28 Nov 06 |  UK Politics

RELATED BBC LINKS

RELATED INTERNET LINKS
The BBC is not responsible for the content of external internet sites



FEATURES, VIEWS, ANALYSIS
Has China's housing bubble burst?
How the world's oldest clove tree defied an empire
Why Royal Ballet principal Sergei Polunin quit

PRODUCTS & SERVICES

Americas Africa Europe Middle East South Asia Asia Pacific