Key facts
- Sir Jim Ratcliffe, founder of Ineos, has lost confidence in the UK.
- Ratcliffe cited high taxes and immigration as reasons for the UK's decline.
- He warned the UK could 'run out of gas' this winter due to low storage levels.
- Ratcliffe criticized the government's approach to North Sea oil and gas development.
- The UK government stated it is working to deliver growth and is confident in its energy security.
- Ratcliffe has been a tax resident in Monaco since 2020.
Sir Jim Ratcliffe, the billionaire founder of petrochemical giant Ineos and a significant shareholder in Manchester United, has publicly stated he has lost confidence in the UK, describing the country as being 'on the slide'. Ratcliffe attributed this decline to a combination of high taxes and high immigration, suggesting that a 'politics of envy' is driving wealth creators away from Britain.
In an interview with the BBC, Ratcliffe criticized the government's approach to energy policy, calling the failure to invest further in North Sea oil and gas 'insanity'. He warned that low gas storage levels in the UK and Europe posed a risk of shortages this winter if there was a cold snap, potentially leading to industry shutdowns. He also pointed to Ineos's investment in Denmark's first carbon capture and storage (CCS) project, suggesting a lack of sufficient government support had hindered similar developments in the UK.
The UK government, in response, stated its commitment to delivering growth and increasing business investment, asserting confidence in the nation's energy security due to a diverse energy mix. A spokesperson indicated no foreseen problems with gas supply. However, decisions on further development of the Rosebank and Jackdaw oil and gas fields remain pending, a delay Ratcliffe criticized.
Ratcliffe, whose wealth is estimated at £15bn and who has been a tax resident in Monaco since 2020, also commented on broader societal issues, suggesting that politicians were reluctant to tackle immigration and welfare spending effectively. He contrasted this with the US, where he believes wealth creation is more applauded.