Monaco resident and billionaire businessman Sir Jim Ratcliffe has said he has lost confidence in the UK, describing the country as being “on the slide”…
As reported by the BBC, the Ineos founder and Manchester United co-owner blamed a combination of high taxation and immigration, arguing that Britain had become less attractive to wealth creators and investors. Ratcliffe, whose fortune is estimated at around £15 billion, has been a tax resident in Monaco since 2020.
Speaking in Denmark, he also criticised UK energy policy, arguing that failing to invest further in North Sea oil and gas was damaging the country’s energy security. He warned that relatively low European gas storage levels could create problems during a particularly cold winter.
The UK Government rejected suggestions that supplies were at risk, saying it remained confident in energy security and that oil and gas would continue to play an important role whilst Britain transitions towards cleaner domestic power.
Ratcliffe also criticised levels of welfare spending and immigration and said conditions in Britain would need to improve before he considered returning.
His comments come amid the departure of several other wealthy UK residents, including steel magnate Lakshmi Mittal and hedge fund manager Chris Rokos, who have also moved their tax residency overseas.