The British economy is being quietly reshaped by a wave of Indian billionaire acquisitions, snapping up UK firms from steel mills to software companies. While the government hails foreign investment as a vote of confidence, unions warn of job losses and a hollowing out of domestic ownership. This week, the latest deal saw a London-based tech firm bought by a Mumbai conglomerate, adding to a growing list of iconic British names now under Indian control. For workers in these firms, the question is not just who owns the company, but what it means for their wages and security.
In the Midlands, a foundry that once powered the Industrial Revolution now sits under the ownership of an Indian tycoon. The deal, worth £200 million, was celebrated by ministers as a sign of global confidence. But on the shop floor, there is anxiety. "They promised to keep jobs, but we have seen the same story before," says a union representative. "New owners bring new priorities. Shareholder value, not workers' livelihoods." The trend is undeniable. From JLR to Corus, Indian billionaires have been buying UK assets in sectors the government deems strategically important: infrastructure, energy, technology, and manufacturing.
The government points to the benefits: capital injection, technology transfer, and access to new markets. A spokesperson said, "We welcome foreign investment that supports UK jobs and growth. These deals demonstrate that Britain remains an attractive destination for global capital." But critics argue the sales are a short-term fix. The UK, they say, is losing control of key assets at a time when economic sovereignty matters more than ever. The pandemic and supply chain disruptions made visible the risks of foreign ownership, from drug shortages to steel dependency.
For ordinary Britons, the impact is felt at the kitchen table. When a foreign owner decides to cut costs, it can mean a pay freeze or redundancy. Take the case of a Yorkshire engineering firm bought by an Indian conglomerate last year. Within months, the new management slashed the workforce by 15 per cent, moving some production overseas. "They didn't even look at the skills we had," says a former employee, now on universal credit. "It was all about the balance sheet."
The trend is not just about ownership. It is about power. Indian billionaires now have a seat at the table when Britain decides its industrial strategy. They lobby for tax breaks and deregulation, often at the expense of working conditions. Union leaders are calling for a new approach: a public interest test for foreign takeovers, similar to the one used in critical national infrastructure. "We need to ensure that when someone buys a British company, they are buying into the UK, not just buying us out," says a TUC economist.
There is also the question of regional inequality. While London-based firms fetch high prices, the deals that involve northern factories and mills often come with promises that fade away. "The government talks about levelling up," says a councillor in a former mining town. "But how can we level up when our best assets are sold off to the highest bidder, with no guarantee for the community?" The anger is palpable. At a recent rally outside a newly foreign-owned plant, workers held signs reading: "Our steel, our future, not for sale."
Not all Indian investments are bad. Some bring in new technology and secure jobs. But the pattern is clear: the UK is increasingly a branch economy, where decisions are made in Mumbai, not Manchester. As inflation bites and wages stagnate, the question of who controls the economy becomes ever more urgent. For the families who depend on these firms, the answer cannot be left to the market alone. It requires a government willing to put the British worker first.
