Billionaire Man United owner says he has lost confidence in the UK
Ineos founder Sir Jim Ratcliffe tells the BBC he thinks the country is "on the slide" and calls for more investment in the North Sea.
Sir Jim Ratcliffe, a billionaire owner of Manchester United and the petrochemical company Ineos, has expressed his loss of confidence in the United Kingdom. The founder of Ineos claims the country is "on the slide" due to high taxes and high immigration. He criticized the UK's failure to invest in North Sea oil and gas, warning that it could "run out of gas" in a cold snap winter.
The government responded by stating they are working to deliver growth and that gas supply is secure, thanks to a diverse energy mix. Sir Jim's wealth, estimated at £15bn, has drawn past controversy over his immigration views. He believes the politics of envy is causing people to leave the UK, contrasting America's appreciation for wealth creation with the UK's "green eye towards wealth".
He has criticized the hesitation from the government over the expansion of the oil and gas fields at Rosebank and Jackdaw, and called for a pragmatic approach. He warned that low gas storage levels in Europe could pose a risk to the UK in the months ahead.
Written by urgent.news from BBC Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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