Sir Jim Ratcliffe, one of Britain’s wealthiest individuals with an estimated £15 billion fortune, has expressed his loss of confidence in the UK due to high taxes and immigration. In an interview with the BBC, he criticized the government's hesitation to invest further in North Sea oil and gas projects, stating it could lead to a potential gas shortage this winter. The UK government responded by affirming its commitment to delivering growth and ensuring energy security through a diverse mix of sources.
Written locally by qwen2.5:14b on 2026-09-19,
using this article's own text rather than the other coverage of the
same event (that is the story summary below).
Story summary
Sir Jim Ratcliffe, founder of petrochemical giant Ineos and co-owner of Manchester United, has expressed a loss of confidence in the UK, describing it as "on the slide" due to high taxes and immigration. Ratcliffe warned that without further investment in North Sea oil and gas, the country could face energy shortages if there is a cold spell this winter. The billionaire moved his tax residence to low-tax Monaco in 2020.
In response, Labour Party chair Bridget Phillipson criticized Ratcliffe for making such statements while living as a "tax exile." Phillipson argued that Ratcliffe loses the moral high ground by criticizing Britain from abroad. She also highlighted the government's efforts to improve the UK's economic outlook and trade relationship with the EU.
High-profile departures of wealthy individuals like Ratcliffe and hedge-fund boss Chris Rokos raise concerns about the impact on the UK economy and its reputation as a place for business investment.
Written for “UK Owner Critiques Country” on 2026-10-05,
grounded in this article and the 4 other(s) covering the same event.
- Published
One of Britain's richest people, Sir Jim Ratcliffe, says he has lost confidence in the UK, describing the country as "on the slide".
asserted
he → publish → slide
The founder of petrochemical giant Ineos, who also owns a large stake in Manchester United, said the UK was in decline due to a combination of high taxes and high immigration.
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UK → own → taxes
He told the BBC failing to invest further in North Sea oil and gas amounted to "insanity" and warned gas storage was so low that the UK could "run out of gas" if there was a cold snap this winter.
uncertain
UK → tell → gas
In response to the billionaire's criticism, the government said it was working to deliver growth and that business investment had increased in the last two years.
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investment → say → years
A spokesperson said they did not foresee any problems with gas supply: "We have a diverse energy mix and are confident in our security of supply."
Sir Jim, whose wealth is estimated to be around £15bn, has prompted controversy in the past with his comments on immigration.
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wealth → say → immigration
The businessman's UK exit has been followed by other high-profile billionaires, including steel tycoon Lakshmi Mittal and most recently hedge-fund boss Chris Rokos.
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exit → follow → Mittal
Sir Jim said the politics of envy was driving people away from the UK.
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politics → say → UK
"In America they applaud people who create wealth," he said.
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he → applaud → wealth
"Unfortunately the UK has got a bit of a green eye towards wealth at the moment."
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UK → get → moment
He said for him to return to the UK "things would have to get better".
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things → say → UK
Prime Minister Andy Burnham has said he will take a "pragmatic approach" to oil and gas, but one of the biggest decisions facing the government, whether to give the go-ahead to further development of the oil and gas fields at Rosebank and Jackdaw, is still waiting to be resolved.
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one → say → Rosebank
Sir Jim criticised the hesitation and suggested high taxes on North Sea operators were threatening the sector's viability.
uncertain
taxes → criticise → viability
Tax on energy company profits is being reformed, but won't be fully implemented until 2030.
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Tax → reform → 2030
Ineos operates the Forties pipeline which transports about 30% of the UK's North Sea oil.
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which → operate → oil
"You would expect [the government] to exploit our natural resources and we're clearly not doing that.
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we → expect → that
We're shutting it down.
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We → shut → it
"If you tax everybody to death, they're all going to leave.
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they → tax → death
And that's what's happening."
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what → happen → ?
Recent climate data combined with record heatwaves have given weight to the argument against further exploitation of fossil fuels.
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data → combine → fuels
However, political pressure has grown on the government to proceed with Rosebank and Jackdaw to support UK jobs, tax revenues and boost energy security.
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pressure → grow → security
Sir Jim backed those calls, saying it was "absurd" to import more energy than necessary.
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it → back → energy
The government spokesperson said that oil and gas would play an important role in the UK "for decades to come", but they added: "The transition to homegrown clean power is the only way to deliver energy and financial security for families and businesses."
Sir Jim warned that low gas storage levels in Europe posed a risk to the UK in the months ahead.
"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...
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we → say → industry
our storage is not full," he said.
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he → say → ?
The UK does not typically store a great deal of gas, relying instead on LNG (liquidfied natural gas) and gas imports from Europe.
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UK → store → Europe
Energy specialist consultancy Cornwall Insight said that current gas storage levels in the EU were at about 69%, when typically they would be at 85% at this time of the year.
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they → say → year
However, Adam Bell of consultancy Stonehaven, said supplies were unlikely to run short.
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supplies → say → Stonehaven
"We are down compared to where we normally would be but not what I'd regard as catastrophic," he said.
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he → compare → what
"The physical risk of running out of gas is relatively low, especially if Jackdaw gets the go ahead."
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Jackdaw → run → go
He said the main source of uncertainty was policy in the US, which supplies LNG to the UK.
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which → say → UK
Sir Jim was speaking in Denmark at the launch of the EU's first carbon capture and storage system (CCS).
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Jim → speak → system
Ineos has invested in the scheme which is being subsidised by the Danish government and the EU.
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which → invest → government
He said he had hoped to develop CCS in the UK but there had not been enough government support.
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he → say → UK
The Department for Energy Security and Net Zero (DESNZ) said the government had committed £21.7bn for CCS projects over 25 years, however, no projects are yet operational in the UK.
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projects → say → UK
At the project in Esbjerg in the south west of Denmark, carbon captured from around the country arrives in huge zeppelin-like tanks before being pumped into a ship called Carbon Destroyer 1.
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carbon → capture → ship
It is then pumped into a depleted oil field nearly 200 miles off shore.
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It → pump → shore
Critics say CCS is expensive, money that could be better used to invest in renewables rather than supporting continued fossil fuel use.
uncertain
that → say → use
Sir Jim's critique of the UK is not limited to energy and tax policy.
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critique → limit → policy
He said the country had at one time been "a fantastic place".
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country → say → time
"We had the greatest empire in the world.
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We → have → world
We won two world wars," he said.
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he → win → wars
…and 5 more, not listed.
The Aporia
