Jim Ratcliffe says the UK is a country ‘on the slide’

Sir Jim Ratcliffe, co-owner of Manchester United and founder of the petrochemicals giant Ineos, has criticized the UK as being "on the slide" since the days of its "greatest empire in the world." Ratcliffe, who has been residing in Monaco since 2020 due to its tax-friendly environment, believes the UK is declining due to high taxes and immigration.

In a recent interview with the BBC, Ratcliffe stated that the country has become increasingly sensitive to wealth and is encouraging wealthy individuals to leave the nation. He pointed out that the UK's tax burden has risen to its highest level since WWII at 35.3% of GDP, while the Office for Budget Responsibility says it remains below the average of 14 western European economies.

Ratcliffe also criticized the government's decision not to grant licences for the Jackdaw and Rosebank oil and gasfields, claiming it was "insanity" and warned that the UK might "run out of gas" during a severe winter. Despite his criticisms, the government maintains that they are working to deliver growth and have a diverse energy mix to ensure security of supply. Ratcliffe, however, has expressed no plans to return to the UK, citing a lack of growth and the need for politically motivated, country-first decisions.