SIR JIM RATCLIFFE SAYS HE HAS LOST CONFIDENCE IN THE UK

Sir Jim Ratcliffe, founder of the petrochemical firm Ineos and a major shareholder in Manchester United, told the BBC he has lost confidence in the United Kingdom, calling the country "on the slide". He said the decline stemmed from a combination of high taxes and high immigration. Sir Jim described the failure to invest further in North Sea oil and gas as "insanity" and warned that gas storage was so low the UK could run out of gas during a cold snap this winter. Responding, the government said it did not foresee supply problems, citing a "diverse energy mix", and said business investment had risen over the past two years.

Sir Jim, whose fortune is estimated at roughly £15bn, has been a tax resident in Monaco since 2020 and backed Brexit. His remarks on immigration have caused controversy before. He said the UK had developed "a bit of a green eye towards wealth", unlike the United States, where he said wealth creators are applauded. He noted that other billionaires, including steel tycoon Lakshmi Mittal and hedge-fund manager Chris Rokos, have also left the UK. Sir Jim said conditions would need to improve before he would consider returning.

Ineos operates the Forties pipeline, which carries about 30% of the UK's North Sea oil, giving weight to Sir Jim's energy criticism. Prime Minister Andy Burnham has said he will take a "pragmatic approach" to oil and gas, but a decision on developing the Rosebank and Jackdaw fields is still pending. Sir Jim criticised the delay, arguing that high taxes on North Sea operators threaten the sector's future. A reform of tax on energy company profits is under way but will not be fully implemented until 2030.