Jim Ratcliffe, co-owner of Manchester United and founder of petrochemicals company Ineos, recently criticized the UK during an interview with the BBC, describing it as "on the slide" due to high taxes and immigration. Since moving to Monaco in 2020 for its tax benefits, Ratcliffe has previously stated that Britain is being “colonised by immigrants,” though he later apologized if his comments had offended anyone. He also argued that the UK's current tax environment discourages wealthy individuals from investing locally and highlighted concerns over energy security this winter.
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.
The co-owner of Manchester United Sir Jim Ratcliffe has described the UK as being a country “on the slide” from the days when it had “the greatest empire in the world.”
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it → describe → world
Ratcliffe, who founded petrochemicals giant Ineos, and has resided in Monaco, which has a relaxed tax regime, since 2020, said Britain is in decline because of high taxes and immigration.
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Britain → found → taxes
Ratcliffe’s latest attack on the UK comes seven months after he told Sky News that the country was being “colonised by immigrants”.
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country → come → immigrants
He subsequently said he was sorry if those remarks had “offended some people”.
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remarks → say → people
The billionaire told the BBC’s Big Boss Interview he believed the UK was in decline from the days when, he said, “we were a great people.”
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we → tell → days
He said: “We had the greatest empire in the world.
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We → say → world
We won two world wars.
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We → win → wars
We’re good, honest folk.
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We → ’re → ?
But unfortunately, at the moment, I think the UK is on the slide.
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UK → think → slide
It’s quite difficult to see how we arrest it.”
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we → ’ → it
Ratcliffe also said the UK had “a bit of a green eye towards wealth at the moment”, “encouraging” the wealthiest to relocate.
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wealthiest → say → moment
He told the podcast: “In America, they applaud people who create wealth.
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who → tell → wealth
“And the good thing about those people who create wealth is that they then spend that wealth in the economy in which they’re resident.
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they → create → which
And, unfortunately, with the things that they’ve been doing, they’ve been encouraging the people who have created wealth to leave the UK because it’s just become uncomfortable for them for tax reasons or whatever.
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it → do → reasons
While the UK’s tax burden has risen to its highest level since the second world war at about 35.3% of GDP, the Office for Budget Responsibility says it remains well below the average of 14 western European economies.
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it → rise → economies
Ratcliffe has also been at odds with Manchester United fans over the summer after the club embarked on a major ticket-touting crackdown that ultimately revoked 685 season tickets, prompting protests from United supporter groups like the 1958.
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that → embark → 1958
The businessman was already fiercely unpopular among the Old Trafford faithful, ever since he decided to hike ticket prices and sack 450 club employees.
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he → decide → employees
The billionaire also took aim at the government’s decision not to invest further in North Sea resources by granting licences for the Jackdaw and Rosebank oil and gasfields, which he said amounted to “insanity”, and warned the UK’s reliance on energy imports meant the country could “run out of gas” if there was a cold spell this winter.
uncertain
country → take → gas
He said: “The risk you’ve got this winter is that we run out of gas.
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we → say → gas
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 the industry off.”
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we → have → industry
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 told the BBC that they did not foresee any problems with gas supply: “We have a diverse energy mix and are confident in our security of supply.”
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We → tell → supply
Asked if he was planning on returning to the UK, Ratcliffe said: “Not at the moment, no.
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Ratcliffe → ask → moment
I don’t see growth being tackled.
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growth → see → ?
“Two things: we need politicians who are tough enough to deal with some very difficult problems, and we know what the problems are.
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problems → need → problems
“And we need politicians who will make decisions which are good for the country, not good for themselves and their party.
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which → need → themselves
And we haven’t had one of those for a long time.”
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we → have → time
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