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Fri, 18 Sep 2026

Fri, 18 Sep 2026 Billionaire Man United owner says he has lost confidence in the UK

Ineos founder Sir Jim Ratcliffe tells the BBC he thinks the country is "on the slide" and calls for more investment in the North Sea.
Sir Jim Ratcliffe, one of Britain's richest individuals and founder of Ineos, has expressed his loss of confidence in the UK economy, describing it as "on the slide". He blames high taxes and immigration for the country's decline. Ratcliffe also criticized the government's decision not to invest further in North Sea oil and gas, calling it "insanity", and warned that low gas storage levels pose a risk to the UK's energy security. In response, the government stated that they are working to deliver growth and business investment has increased in the past two years. They also denied any concerns about gas supply, saying they have a diverse energy mix and are confident in their security of supply. Ratcliffe's comments come as he prepares for a potential return to Monaco, where he is tax resident. His decision follows other high-profile billionaires, including Lakshmi Mittal and Chris Rokos, who have left the UK. The businessman criticized the government's hesitation on the development of oil and gas fields at Rosebank and Jackdaw, saying that high taxes are threatening the sector's viability. He also expressed his support for the exploitation of fossil fuels, citing the importance of energy security. In a separate issue, Ratcliffe warned about low gas storage levels in Europe, which he said pose a risk to the UK's energy supply. Experts disputed this claim, saying that supplies were unlikely to run short. Ratcliffe was also speaking at the launch of the EU's first carbon capture and storage system (CCS), which he supports. However, critics have questioned the effectiveness and cost of CCS, arguing that money could be better spent on renewable energy. The billionaire's comments come as he reminisced about the UK's past, saying it was "a fantastic place" with a great history. He criticized the current government for being too soft on immigration and welfare spending, calling for tougher policies to tackle these issues.