Sir Jim Ratcliffe, one of Britain's richest people and owner of a large stake in Manchester United, has expressed his loss of confidence in the UK, describing the country as "on the slide." He cited a combination of high taxes and high immigration as major contributors to the UK's decline. Ratcliffe, whose wealth is estimated to be around £15bn, made these comments in an interview with the BBC.
Ratcliffe criticized the UK government's decision not to invest further in North Sea oil and gas, calling it "insanity." He warned that the UK's low gas storage levels could lead to a shortage if there is a cold snap this winter. In response, the government stated that it is working to deliver growth and that business investment has increased in the last two years. They also expressed confidence in the security of the UK's energy supply.
Sir Jim Ratcliffe has been a vocal supporter of Brexit but has been a tax resident in Monaco since 2020. His comments on immigration have sparked controversy in the past, and his UK exit has been followed by other high-profile billionaires. Ratcliffe stated that the politics of envy is driving people away from the UK, saying that in America, people who create wealth are applauded, whereas in the UK, there is a "green eye towards wealth."
The UK government is facing a significant decision on whether to give the go-ahead to further development of the oil and gas fields at Rosebank and Jackdaw. Ratcliffe criticized the hesitation, suggesting that high taxes on North Sea operators are threatening the sector's viability. Ineos, the company founded by Ratcliffe, operates the Forties pipeline, which transports about 30% of the UK's North Sea oil.
Recent climate data and record heatwaves have added weight to the argument against further exploitation of fossil fuels. However, there is growing pressure on the government to proceed with Rosebank and Jackdaw to support UK jobs, tax revenues, and boost energy security. Ratcliffe backed those calls, saying it is "absurd" to import more energy than necessary.
Sir Jim Ratcliffe also warned that low gas storage levels in Europe pose a risk to the UK in the months ahead. Energy specialist consultancy Cornwall Insight reported that current gas storage levels in the EU are at about 69%, lower than the typical 85% at this time of year. However, Adam Bell of consultancy Stonehaven said that the physical risk of running out of gas is relatively low, especially if Jackdaw gets the go-ahead.
Sir Jim Ratcliffe's critique of the UK extends beyond energy and tax policy. He stated that the country had once been "a fantastic place" but expressed concerns about high immigration and welfare spending. Ratcliffe said that politicians have been reluctant to tackle these issues, and that somebody needs to take action. He had previously caused controversy by saying the UK had been "colonised by immigrants" but later apologized for offending some people.
Key points
- Sir Jim Ratcliffe criticizes UK government's energy policy and high taxes.
- Ratcliffe expresses concerns about high immigration and welfare spending.
- The UK government's decision on Rosebank and Jackdaw oil and gas fields remains pending.
