Key facts
- Ineos founder Sir Jim Ratcliffe believes the UK is in decline due to high taxes and immigration.
- Ratcliffe warned the UK could face gas shortages this winter if there is a cold spell.
- He criticized the government's decision not to invest further in North Sea oil and gas fields.
- Ratcliffe has been a tax resident in Monaco since 2020.
- The UK government stated it is working to deliver growth and is confident in its energy security.
- Ratcliffe suggested that politicians are reluctant to tackle difficult problems like immigration and welfare spending.
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' from its past imperial power. Ratcliffe attributed this decline to a combination of high taxes and immigration, suggesting that a 'politics of envy' is driving wealth creators away from Britain. He has been a tax resident in Monaco since 2020.
In an interview with the BBC, Ratcliffe criticized the government's energy policy, calling the failure to invest further in North Sea oil and gas fields like Jackdaw and Rosebank "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. Ratcliffe also commented on broader societal issues, suggesting that politicians were reluctant to tackle difficult problems like immigration and welfare spending effectively, contrasting this with the US where he believes wealth creation is more applauded.