British tycoons raise the alarm over state of UK economy
Two of Britain’s wealthiest business chiefs have launched fierce criticism against government policies and the health of the UK economy. Billionaire energy boss Sir Jim Ratcliffe and gambling entrepreneur Fred Done have separately warned about the state of the economy and direction of policy in the past 48 hours. In particular, the business chiefs claimed [...]
Two prominent British business figures have harshly criticized government policies and the current state of the UK economy in recent days. Sir Jim Ratcliffe, a billionaire energy executive, and Fred Done, a gambling entrepreneur, both voiced concerns about the country's economic direction and tax policies in separate interviews.
Ratcliffe, who owns the petrochemicals company Ineos, expressed disappointment in the UK's attitude towards wealth, stating that the nation is losing wealthy individuals to places like America and Greece due to perceived tax increases. He also warned that the country is "on the slide" and that tough decisions need to be made by politicians who prioritize the nation's best interests over their own and their parties.
Meanwhile, Fred Done echoed Ratcliffe's sentiments, adding that he wouldn't want to be reborn in the UK. Done noted that his family has paid £400 million in taxes in the past year, yet he believes the country's tax system is unfair. Both businessmen also criticized the government's lack of investment in North Sea oil and gas, warning that the UK could run out of gas this winter due to low storage.
Prime Minister Andy Burnham has faced pressure to approve the Jackdaw and Rosebank oil and gas fields, but granting permission could conflict with his net zero goals and provoke opposition within his political party.
Burnham emphasized his determination to achieve net zero emissions by 2050 and called for action on immigration and the "benefits problem." In a separate interview, he urged the government to make difficult cuts, likening it to the job cuts and cost-saving measures he implemented at Manchester United. The Betfred founder, Fred Done, also warned that bookmakers will be extinct by 2030 due to rising taxes, potentially leading to the loss of 2,575 jobs and £67 million in taxes for the government.
Labour's Women and Equalities Minister Bridget Phillipson criticized Ratcliffe for losing the "moral high ground" by choosing to become a tax exile while criticizing British policies.
Written by urgent.news from City AM's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
