Man Utd Co-Owner Jim Ratcliffe Says He Has Lost Confidence in UK

Billionaire Sir Jim Ratcliffe says he has lost confidence in Britain, describing the country as “on the slide”.

The Ineos founder and Manchester United co-owner said the UK is in decline due to high taxes and high immigration.

Speaking to the BBC in Denmark, Ratcliffe said failure to invest further in North Sea oil and gas was “insanity” and warned low gas storage could leave the UK at risk of running out of gas during a cold snap this winter.

The government said it is focused on delivering growth and that business investment has risen in the last two years. A spokesperson added that the UK has a diverse energy mix and is confident in its security of supply.

Ratcliffe, worth an estimated £15bn, has lived as a tax resident in Monaco since 2020. He said politics of envy is driving wealthy people away.

“In America they applaud people who create wealth. Unfortunately the UK has got a bit of a green eye towards wealth at the moment,” he said, adding he would only return if things improve.

He criticised delays over approval for the Rosebank and Jackdaw oil and gas fields, arguing high taxes on North Sea operators are threatening the sector. Ineos operates the Forties pipeline which carries about 30% of UK North Sea oil.

“You would expect them to exploit our natural resources and we’re clearly not doing that. We’re shutting it down,” he said.

The government said oil and gas will play a role for decades, but stressed that transition to clean power is key to energy security.

On gas storage, Ratcliffe warned Europe’s levels are low. EU storage is currently around 69%, below the typical 85% for this time of year, according to Cornwall Insight.

Energy analysts, however, said the risk of actually running out of gas remains low.

Ratcliffe was speaking at the launch of the EU’s first carbon capture and storage system in Esbjerg, Denmark, a project Ineos invested in with support from the Danish government and the EU. He said he had hoped to develop CCS in the UK but lacked government backing.

The UK government said it has committed £21.7bn to CCS over 25 years, though no projects are yet operational.

Ratcliffe also said immigration and welfare spending are too high, adding that politicians have been reluctant to tackle both issues.