Sir Jim Ratcliffe, one of Britain’s wealthiest individuals with an estimated £17 billion fortune, has expressed his loss of confidence in the UK due to issues like immigration, welfare benefits, and crime. He criticizes the failure of politicians to address these problems and highlights high taxes as a factor pushing the wealthy out of the country. Ratcliffe left for Monaco in 2020 and emphasizes that he would only return if conditions improve, citing concerns about domestic energy production and storage shortages.
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.
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Billionaire businessman Sir Jim Ratcliffe says he has lost confidence in the UK and is not surprised the super-rich are being driven away from a country 'on the slide'.
Outspoken Sir Jim, the co-owner of Manchester United and one of Britain's richest people, warned the decline was down to Labour's failure to tackle welfare and immigration and blamed high taxes.
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decline → see → taxes
And he said no politician was 'tough enough' to do something about it and act in the best interests of the country 'instead of their party'.
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politician → say → party
'Nobody's tough enough to deal with the immigration problem.
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Nobody → deal → problem
Nobody's tough enough to deal with the benefits problem.
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Nobody → deal → problem
But somebody needs to do it or it ends in a bad place,' he said.
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he → need → place
Also highlighting 'the crime on our streets', Sir Jim, who made his fortune in the energy and chemicals sector, said: 'The UK was a fantastic place with the greatest empire in the world.
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UK → highlight → world
We won two world wars.
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We → win → wars
We were good, honest folk,' warning it was now 'difficult to see how we could arrest' the decline.
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we → warn → decline
He also slammed the government's failure to exploit the UK's own oil and gas supplies and allow and encourage new domestic oil and gas production as 'insanity'.
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He → slam → insanity
Brexit supporter Sir Jim, who is said to be worth £17billion and has previously drawn criticism for saying the UK had been 'colonised by immigrants', said the UK could even 'run out of gas' this winter 'in a cold spell' because gas storage was so low.
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storage → say → spell
The businessman left the UK for Monaco in 2020 and said 'things would have to get better' for him to return.
Billionaire businessman Sir Jim Ratcliffe says he has lost confidence in the UK (Pictured last night with wife Catherine Polli at the 20th Anniversary Gala Of the Prince Albert II of Monaco Foundation in Monaco)
He is not the only high-profile billionaire to quit our shores.
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He → leave → shores
Others who exited the UK include steel tycoon Lakshmi Mittal and hedge fund boss Chris Rokos.
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who → exit → Mittal
In a major blow to confidence in the government, hedge fund billionaire Mr Rokos, Britain's third largest taxpayer, paying £330million alone last year, announced this month that he was leaving the UK for Greece, which has generous tax rules to attract overseas business leaders.
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which → pay → leaders
Sir Jim, who founded petrochemical giant Ineos after rising through the ranks from a humble working-class background in Greater Manchester, also hit out at the jealousy aimed at the wealthy in the UK.
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who → found → UK
He said the politics of envy was driving people away from the UK, contrasting the positive attitude in the US to wealth and said the wealthy should be encouraged to stay because they clearly 'spend in the economy they reside in'.
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they → say → economy
'In America they applaud people who create wealth,' he told a BBC podcast.
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he → applaud → podcast
'Unfortunately, the UK has got a bit of a green eye towards wealth at the moment.'
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UK → get → moment
Sir Jim, who runs the Forties pipeline which transports about 30 per cent of the UK's North Sea oil, also lashed out at the government's 'horrendous' high taxes on North Sea operators meaning they were closing down rigs.
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they → run → rigs
'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,' he said.
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he → happen → ?
Andy Burnham has delayed a decision on whether to grant new licences for domestic oil production with Sir Jim criticising him for 'promising to do something about it' but not 'doing anything'.
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Jim → delay → anything
Sir Jim says further development of the oil and gas fields at Rosebank and Jackdaw – unpopular with Net Zero zealots such as former energy secretary Ed Miliband – must go ahead to save the industry.
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development → say → industry
Instead of 'exploiting our natural resources' which you would 'expect,' he said, we are 'shutting it down' and 'risk running out of gas this winter'.
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we → exploit → gas
He even warned industry 'could be switched off' if reserves ran out because we are competing with China 'which can pay more' for importing energy rather than producing our own which was 'absurd'.
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which → warn → own
And he said storage facilities which were already smaller than those of our European neighbours because of lack of investment were already not full.
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which → say → investment
Energy specialist consultancy Cornwall Insight said that current gas storage levels in the EU were at about 69 per cent, when typically they would be at 85 per cent at this time of the year.
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they → say → year
Ineos has invested in the EU's first carbon capture project in Denmark which is being subsidised by the Danish government and the EU.
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which → invest → government
Sir Jim said he had hoped to develop the technology in the UK but there had not been enough government support.
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he → say → UK
Critics say carbon capture is expensive and the money could be better used to invest in renewables rather than supporting continued fossil fuel use.
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money → say → use
Defending its record, a government spokesperson said oil and gas would play an important role in the UK 'for decades to come' but insisted that the 'transition to homegrown clean power is the only way to deliver energy and financial security for families and businesses'.
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transition → defend → families
Earlier this year, Sir Jim was called 'wrong and offensive' by then PM Sir Keir Starmer for his comments on immigration for which he later apologised.
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he → call → which
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