{
  "id": 8825042,
  "title": "Billionaire Man United owner says he has lost confidence in the UK",
  "url": "https://urgent.news/2026/09/20/billionaire-man-united-owner-says-he-has-lost-confidence-in-the-uk",
  "topic": "business",
  "section": "Business",
  "published": "2026-09-20T22:54:00.000Z",
  "source": {
    "name": "MyJoyOnline Ghana",
    "slug": "myjoyonline-ghana",
    "url": "https://www.myjoyonline.com/billionaire-man-united-owner-says-he-has-lost-confidence-in-the-uk/"
  },
  "original_language": "en",
  "account": "One of Britain's wealthiest individuals, Sir Jim Ratcliffe, has expressed losing confidence in the UK, describing the country as \"on the slide\". The founder of petrochemical giant Ineos, who also owns a substantial stake in Manchester United, cited a combination of high taxes and high immigration as reasons for the UK's decline. Speaking to the BBC, Sir Jim argued that failing to invest further in North Sea oil and gas was \"insanity\" and warned that low gas storage could lead to the UK \"running out of gas\" during a cold snap this winter. The government responded by stating that they were working to drive growth and that business investment had risen over the past two years. They also assured that there are no concerns regarding gas supply, citing a diverse energy mix and confidence in security of supply. Sir Jim's comments have drawn controversy, as he has previously been a supporter of Brexit but now resides in Monaco. His departure from the UK is part of a trend among high-profile billionaires, including steel tycoon Lakshmi Mittal and hedge-fund boss Chris Rokos. Sir Jim attributed the exodus of wealthy individuals to the UK's unfavorable attitude towards wealth. He believed that to return to the UK, conditions must improve. Prime Minister Andy Burnham pledged a \"pragmatic approach\" to oil and gas, but the government's decision on the development of the oil and gas fields at Rosebank and Jackdaw remains unresolved. Sir Jim criticized the government's hesitation and pointed out that high taxes on North Sea operators were jeopardizing the sector's viability. While tax on energy company profits will not be fully implemented until 2030, Ineos operates the Forties pipeline, transporting around 30% of the UK's North Sea oil. Sir Jim criticized the government for not exploiting the UK's natural resources, stating that shutting down the pipeline would result in a significant loss. Despite recent climate data and record heatwaves, political pressure is mounting on the government to proceed with Rosebank and Jackdaw to support UK jobs, tax revenues, and improve energy security. Sir Jim defended this stance, calling it \"absurd\" to import more energy than necessary. The government maintained that oil and gas would remain important for decades, but they emphasized that transitioning to homegrown clean power is crucial for delivering energy and financial security to families and businesses. Ineos has invested in Denmark's first carbon capture project, but Sir Jim lamented the lack of government support for CCS initiatives in the UK. The UK's gas storage levels are currently at about 69% in the EU, lower than the typical 85% at this time of the year. While some experts argue that the risk of running out of gas is relatively low, especially if the Jackdaw project goes ahead, others assert that the main source of uncertainty lies in US policy, which supplies LNG to the UK.",
  "summary": "One of Britain's richest people, Sir Jim Ratcliffe, says he has lost confidence in the UK, describing the country as \"on the slide\".",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}