Highlights
- The Ineos founder has been a tax resident in Monaco since 2020.
- He says high taxes are driving businesses and wealthy people out of Britain.
- Ratcliffe also criticised immigration, welfare spending and North Sea energy policy.
ONE of Britain's richest people, Sir Jim Ratcliffe, has said he would consider returning to the UK from Monaco if he became convinced that the country was being run in a way that put its economic interests ahead of party politics.
The billionaire founder of chemicals group Ineos and co-owner of Manchester United said he had “lost confidence” in Britain and described the country as being “on the slide”.
Asked whether he would return to the UK, Ratcliffe told the Sunday Times, “I’d have to be able to see that the UK was going to sort itself out.”
He added: “There’s some tough decisions to be made.”
Ratcliffe, whose wealth is estimated at £15 billion, has been a tax resident in Monaco since 2020. His departure has been followed by other wealthy Britons, including steel tycoon Lakshmi Mittal and hedge fund manager Chris Rokos, according to the BBC.
Ratcliffe argued that Britain’s tax system was contributing to the loss of investment and wealthy residents.
“If you tax everybody to death, they’re all going to leave. And that’s what’s happening,” he said.
He also said that the UK had developed an unfavourable attitude towards wealth.
“In America they applaud people who create wealth. Unfortunately the UK has got a bit of a green eye towards wealth at the moment,” he said.
Ratcliffe said he wanted to see politicians take difficult decisions for the country rather than decisions aimed at protecting their political interests.
He said he liked prime minister Andy Burnham, whom he has known for several years, but questioned whether the political system would allow the mayor to deal with the problems he identified.
Criticism of immigration and benefits
Immigration and welfare were central to Ratcliffe’s criticism of Britain.
“Two of the biggest issues we’ve got in the UK are immigration and benefits,” he told the Times, adding that politicians needed to be “tough enough” to address them.
He also criticised the benefits system, arguing that it could discourage people from working. He called for major investment in artificial intelligence and robotics alongside a large reduction in benefits spending.
Ratcliffe has previously caused controversy with his comments on immigration, including saying earlier this year that Britain had been “colonised by immigrants”. He later apologised for offending some people.
He also attacked taxes on North Sea operators and the delays over Rosebank and Jackdaw, two oil and gas projects awaiting decisions.
“If you tax everybody to death, they’re all going to leave,” he said, warning that the North Sea industry was being weakened.
Ratcliffe also warned that low gas storage levels could create risks during a severe cold spell. Energy specialist consultancy Cornwall Insight said European gas storage was around 69 per cent full, compared with a typical 85 per cent at that point of the year.
However, energy expert Adam Bell said the physical risk of the UK running out of gas was relatively low.
The government said it was working to deliver economic growth and that business investment had risen over the previous two years. It also said it did not expect problems with gas supply and remained confident about energy security.
Ratcliffe was speaking in Denmark, where Ineos has invested in a carbon capture project. He said he had hoped to develop similar carbon capture infrastructure in Britain but had not seen enough government support.
For Ratcliffe, however, the question of returning to Britain remains tied to wider economic and political change.
“Things would have to get better,” he said.
