Billionaire Ratcliffe Loses Confidence in UK
Billionaire Ratcliffe Loses Confidence in UK
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Key Points
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Ratcliffe said politicians were not “tough enough” to address immigration and welfare, warning that failing to act would “end in a bad place.”
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He also cited rising street crime and said the UK’s decline had become difficult to reverse, contrasting its current condition with its past global influence.
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Ratcliffe contrasted the UK’s attitude toward wealth with the United States, saying: “In America they applaud people who create wealth. Unfortunately the UK has got a bit of a green eye towards wealth at the moment.”
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Greater Manchester mayor Andy Burnham said he would take a “pragmatic approach” to North Sea oil and gas, as the government weighs decisions on Rosebank and Jackdaw.
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The tax regime for energy-company profits is being reformed, but the changes will not be fully implemented until 2030, according to the reports.
Billionaire Sir Jim Ratcliffe, the Manchester United co-owner and founder of chemicals giant INEOS, says he has lost confidence in the UK and fears the country is "on the slide." Express reports that Ratcliffe cited high taxes, immigration, crime, and hostility toward wealthy individuals as key reasons for his pessimism. The businessman, who has lived in Monaco since 2020, warned that without major changes, the UK's decline would be difficult to reverse.
Ratcliffe also attacked the government's energy strategy, calling limited investment in North Sea oil and gas "insanity" and warning that low gas storage could create supply risks during cold winters. Manchester Evening News notes he contrasted the UK's attitude toward wealth with America's, saying: "In America they applaud people who create wealth. Unfortunately the UK has got a bit of a green eye towards wealth at the moment." The government dismissed concerns about energy shortages, citing a diverse supply mix.
Taxes and Hostility Driving Business Exodus
Ratcliffe is not alone in leaving the UK. Herald Scotland reports that other wealthy figures, including steel magnate Lakshmi Mittal and hedge fund manager Chris Rokos, have also departed for lower-tax countries. Ratcliffe said politicians lacked the toughness to tackle immigration and welfare dependency, warning that inaction would "end in a bad place." He also pointed to rising street crime as a symptom of the country's broader decline.
North Sea Oil and Gas at the Center of Debate
Eastern Eye reports that Ratcliffe condemned high taxes on North Sea operators, arguing they could undermine the sector as the government considers developing the Rosebank and Jackdaw oil fields. He called the tax regime "insane" given the strategic importance of domestic energy production. Greater Manchester Mayor Andy Burnham signaled a "pragmatic approach" to North Sea development, suggesting openness to future projects. The government is reforming the tax regime, but changes won't be fully implemented until 2030.
Government Pushes Back on Energy and Supply Fears
The government rejected Ratcliffe's concerns about winter gas shortages, insisting the UK has adequate supply security through a diverse energy mix. Daily Sabah reports officials emphasized their commitment to boosting economic growth and business investment. However, Ratcliffe's warnings about low gas storage levels highlight ongoing tensions between the government's climate goals and energy security. He said he would only return to the UK if conditions improved significantly.
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