Billionaire Man United owner loses moral high ground after tax exile, Labour chair says

Labour Party chair Bridget Phillipson has criticized the moral standing of Sir Jim Ratcliffe, the billionaire owner of Manchester United and petrochemical giant Ineos, after he made negative statements about the UK while living as a tax exile in Monaco. Speaking to Sunday with Laura Kuenssberg, Phillipson dismissed Ratcliffe's comments about the UK being "on the slide" as having a "pinch of salt" applied to them.

The businessman has reportedly lost confidence in the UK due to high taxes and immigration. Ratcliffe, who has been a tax resident in Monaco since 2020, stated that things would have to improve in the UK for him to consider returning. When questioned about his remarks, Phillipson argued that Ratcliffe loses the "moral high ground" by making such pronouncements while simultaneously choosing to become a tax exile.

She expressed optimism about the country's prospects and highlighted other high-profile billionaires, like steel tycoon Lakshmi Mittal and hedge-fund boss Chris Rokos, who have also left the UK. However, Phillipson asserted that the country remains in a strong position ahead of the upcoming Budget, citing decisions made over the past two years.

She also noted that the government is committed to being disciplined about its spending rules. Ratcliffe has further criticized the government for failing to invest in North Sea oil and gas, calling it "insanity." He emphasized that if people are taxed to death, they will leave, which is what he believes is currently happening. Ineos operates the Forties pipeline, which transports about 30% of the UK's North Sea oil.

While the government spokesperson stated that oil and gas would remain important for decades, they added that transitioning to homegrown clean power is the only way to ensure energy and financial security for families and businesses.