Billionaire Man United owner says he has lost confidence in the UK

Sir Jim Ratcliffe, one of Britain's wealthiest individuals, has expressed his loss of confidence in the UK, describing it as "on the slide." The founder of petrochemical giant Ineos and a major stakeholder in Manchester United criticized the country for high taxes and high immigration, stating that failing to invest further in North Sea oil and gas was "insanity."

Ratcliffe warned that the UK could run out of gas if there was a cold snap this winter, as gas storage levels were alarmingly low. In response to the billionaire's criticism, the government claimed to be working on growth and stated that business investment had increased in the last two years. The government spokesperson assured that they were confident in the security of supply, citing a diverse energy mix.

Sir Jim, whose wealth is estimated at £15bn, faced controversy in the past for his comments on immigration, having become a tax resident in Monaco in 2020. He attributed the outflow of billionaires from the UK to the "politics of envy," noting that people in America applauded wealth creators, while the UK had a "green eye" towards wealth.

Ratcliffe reiterated his willingness to return to the UK only if things improved. Prime Minister Andy Burnham stated that he would take a "pragmatic approach" to oil and gas, but the decision on further development of the oil and gas fields at Rosebank and Jackdaw remained unresolved. The government was criticized for hesitating, and Ratcliffe suggested that high taxes on North Sea operators were threatening the sector's viability.

He accused the government of shutting down natural resource exploitation by taxing everyone excessively. Recent climate data and record heatwaves fueled the argument against further exploitation of fossil fuels, yet political pressure grew on the government to proceed with Rosebank and Jackdaw projects to support jobs, tax revenues, and energy security.

Sir Jim backed these calls, arguing that importing more energy was absurd. The government acknowledged that oil and gas would play an important role in the UK for decades to come but emphasized that transitioning to homegrown clean power was essential for energy and financial security. Ratcliffe expressed disappointment that the UK had not been as great as it once was, citing immigration and welfare spending as areas requiring tough decisions.

The Department for Energy Security and Net Zero committed £21.7bn for CCS projects over 25 years, but no projects were operational in the UK at the time of Sir Jim's interview.