Sir Jim Ratcliffe, one of Britain’s richest people and a major shareholder in Manchester United, says he has lost confidence in the UK, describing the country as “on the slide”.
The founder of petrochemical company Ineos said high taxes and immigration were contributing to what he described as the UK’s decline.
Speaking to the BBC, Ratcliffe also criticised the government’s energy policy, saying failure to invest further in North Sea oil and gas amounted to “insanity”.
He warned that the UK could “run out of gas” if the country experienced a severe cold spell this winter because of low gas storage levels.
The government rejected concerns over energy security and said it was working to deliver economic growth.
A government spokesperson said: “We have a diverse energy mix and are confident in our security of supply.”
Ratcliffe, whose wealth is estimated at about £15bn, has previously attracted controversy over his comments on immigration. He has been a supporter of Brexit and has been a tax resident in Monaco since 2020.
He said what he described as a culture of envy towards wealth was encouraging wealthy people to leave the UK.
“In America they applaud people who create wealth,” he said. “Unfortunately the UK has got a bit of a green eye towards wealth at the moment.”
Ratcliffe said he would return to the UK only if conditions improved.
He also criticised the government’s approach to North Sea oil and gas, arguing that high taxes were threatening the industry’s viability.
Ineos operates the Forties pipeline, which transports about 30% of the UK’s North Sea oil.
“You would expect [the government] to exploit our natural resources and we’re clearly not doing that. We’re shutting it down.
“If you tax everybody to death, they’re all going to leave. And that’s what’s happening.”
The government has faced pressure over whether to approve further development of the Rosebank and Jackdaw oil and gas fields.
Ratcliffe backed further North Sea development, saying it was “absurd” for the UK to import more energy than necessary.
The government said oil and gas would continue to play an important role in the UK “for decades to come”, while adding: “The transition to homegrown clean power is the only way to deliver energy and financial security for families and businesses.”
Ratcliffe also raised concerns over gas storage levels in Europe, warning that a sharp cold spell could put pressure on UK supplies.
“If we have a really sharp cold spell, then there is conceivably the possibility that we’ll run out of gas and have to switch industry off… our storage is not full,” he said.
The UK generally relies on liquefied natural gas and imports from Europe rather than maintaining large domestic gas reserves.
Energy consultancy Cornwall Insight said gas storage levels in the European Union were about 69%, compared with the typical 85% level at this point in the year.
However, Adam Bell of consultancy Stonehaven said a shortage was unlikely.
“We are down compared to where we normally would be but not what I’d regard as catastrophic,” he said.
“The physical risk of running out of gas is relatively low, especially if Jackdaw gets the go ahead.”
Bell said uncertainty over US policy was a greater concern because the US supplies liquefied natural gas to the UK.
Ratcliffe made the comments in Denmark during the launch of the EU’s first carbon capture and storage system. Ineos has invested in the project, which is being supported by the Danish government and the EU.
He said he had hoped to develop carbon capture and storage in the UK but had not received sufficient government backing.
The Department for Energy Security and Net Zero said the government had committed £21.7bn to carbon capture and storage projects over 25 years, although no projects are currently operational in the UK.
Ratcliffe also criticised wider government policies on immigration and welfare spending.
He said the UK had once been “a fantastic place”.
“We had the greatest empire in the world. We were a great people. We won two world wars,” he said.
He argued that immigration and welfare spending were now too high and said politicians had failed to address both issues.
“Nobody’s tough enough to deal with the immigration problem. Nobody’s tough enough to deal with the benefits problem. But somebody needs to do it,” he said.
Faridah Abdulkadiri
Follow us on:
