Billionaire Man United owner loses moral high ground after tax exile, Labour chair says
The billionaire businessman told the BBC he has lost confidence in the UK due to a combination of high taxes and high immigration.
The Labour Party chair, Bridget Phillipson, has criticized Sir Jim Ratcliffe's comments about the UK's decline while living in tax exile. Ratcliffe, co-owner of Manchester United and founder of Ineos, has stated he has lost confidence in the UK due to high taxes and immigration. He has been a tax resident in Monaco since 2020. Phillipson dismissed Ratcliffe's remarks, stating he loses the moral high ground by making such pronouncements while choosing to reside in a tax haven.
Other high-profile billionaires, like Lakshmi Mittal and Chris Rokos, have also left the UK, but Phillipson remains optimistic about the country's prospects. Despite international challenges, the government believes it is in a strong position ahead of the upcoming Budget, committed to being disciplined in spending. Ratcliffe, worth around £15 billion, also criticized the government for not investing more in North Sea oil and gas, warning that the country is shutting down its natural resources.
Written by urgent.news from BBC Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
