The gleaming towers of London's financial district have long been a haven for Indian capital. But a surge in acquisitions by India's wealthiest families is raising questions about who really holds the power in Britain's post-Brexit trade negotiations.
Data from the Institute for Fiscal Studies shows Indian billionaires have spent £12.8 billion on UK assets in the past 18 months alone, from luxury hotels in Mayfair to technology startups in Cambridge. The trend is accelerating. In January, the Hinduja Group acquired a majority stake in a British semiconductor firm. Last month, the Adani Group announced a £4 billion investment in UK green energy projects.
For many workers in the North, this feels like another reminder of their dwindling bargaining power. At a community centre in Rotherham, Susan, a 62-year-old former steelworker, told me: "They come in with their money and buy up everything. You don't see any jobs for us. Just more zero-hour contracts in their hotels."
Trade unions are watching closely. The TUC's general secretary, Paul Nowak, said: "The government's enthusiasm for Indian investment cannot come at the expense of workers' rights and decent wages. We need to see commitments to union recognition and fair pay, not just a race to the bottom."
But the government sees it differently. A Downing Street source said the investments are a vote of confidence in the UK economy, creating thousands of jobs in strategic sectors. The UK-India Free Trade Agreement, stalled since last year, is now back on the table with Indian negotiators demanding more favourable visa rules for business owners.
Critics warn this gives Delhi undue leverage. Labour's shadow trade secretary, Jonathan Reynolds, said: "We cannot allow our trade policy to be dictated by the whims of a few billionaires. The government must ensure that any deal protects British workers and promotes regional equality, not just enriches the already wealthy."
The impact on regional inequality is stark. While London and the South East receive the lion's share of Indian investment, the North and Midlands see little. A report by the Centre for Cities found that for every £1 of Indian investment in London, only 12p reaches the North East.
For those on the front line of the cost of living crisis, the billionaires' buying spree is a distant spectacle. The price of a loaf of bread has risen 14% in the past year. Energy bills remain stubbornly high. And the gap between the super-rich and the rest is widening.
As one union organiser in Manchester put it: "We are not against foreign investment. But we need it to work for everyone, not just line the pockets of a few. If this trade deal goes through without proper safeguards, it will be a betrayal of working people across this country."
The government insists it is negotiating a fair deal. But as Indian billionaires continue their shopping spree, the question of who holds the leverage in this relationship grows ever more urgent.
