Billionaire 'pledges £2m to Labour'

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Indian-born billionaire Lakshmi Mittal is said to be putting his hands in his pocket to help the party pay off controversial loans taken from businessmen before the last general election.

Tony Blair and his chief fundraiser, Lord Levy, who is on bail after being arrested in the summer, are understood to have negotiated the deal, according to the Sunday Times.

The Prime Minister had hoped to keep it quiet until May when the Electoral Commission discloses all donations received by political parties in the first part of 2007, the paper claimed.

Mittal's latest donation to the party could be contentious, given that he was embroiled in a political scandal with the Prime Minister back in 2002.

The scandal, dubbed Mittalgate, came after the industrialist donated £125,000 to the party.

It was later revealed Mr Blair had written a letter supporting Mittal in a Romanian business deal but both sides strongly denied there was any connection between the two.

Mittal, who has a net worth of £14.8 billion, also donated £2 million to the party in July 2005.

He was listed as the richest Indian and the fifth richest man in the world in last year's Forbes List of Billionaires, and is the richest person in the UK, according to the Sunday Times Rich List 2006. He is currently chairman and the chief executive of Arcelor Mittal, the world's largest producer of low and mid-grade steels.

A Labour spokesman said: "Mr Mittal has been a committed supporter of the party for many years, and financial gift from one of the world's most successful businessman is very welcome."