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Jim Ratcliffe Says Taxes Are Driving Wealth From Britain
Sir Jim Ratcliffe is a very wealthy British businessman who now lives for tax purposes in Monaco.
He says he has lost confidence in how the United Kingdom is being run.
He believes high taxes are encouraging rich people and businesses to leave.
He also wants politicians to make difficult decisions about immigration and welfare spending.
Ratcliffe says welfare payments may discourage some people from working.
He supports greater investment in artificial intelligence and robots.
He is also worried about taxes and delays affecting North Sea oil and gas projects.
The government says it is working to grow the economy and does not expect gas supply problems.
Ratcliffe says he might return if Britain’s economic and political situation gets better.
Sir Jim Ratcliffe says he has lost confidence in Britain and would return only if its economic direction improved.
The Ineos founder has been a tax resident in Monaco since 2020 and blames high taxes for driving wealth and investment abroad.
Ratcliffe criticized immigration, welfare spending and what he called Britain’s unfavorable attitude toward wealth creation.
He warned that North Sea taxes and delays affecting the Rosebank and Jackdaw projects were weakening the energy industry.
The government said business investment had increased, economic growth remained a priority and it was confident about energy security.
- Who
- Sir Jim Ratcliffe, founder of Ineos and co-owner of Manchester United, made the comments.
- What
- He said he had lost confidence in Britain and would consider returning from Monaco if the country’s economic and political direction improved.
- Where
- The comments were made in Denmark, concerning the United Kingdom and its North Sea energy industry.
- When
- Ratcliffe has been a tax resident in Monaco since 2020; he made the comments while speaking in Denmark.
- Why
- Ratcliffe cited high taxes, immigration, welfare spending, political decision-making and energy policy as reasons for his concerns.
Ratcliffe’s Criticism
Government Response
Taxes and investment
Ratcliffe’s Criticism
Ratcliffe says excessive taxes are driving wealthy people, businesses and investment away from Britain, which he believes has developed an unfavorable attitude toward wealth.
Government Response
The government says it is working to deliver economic growth and that business investment has risen over the previous two years.
Immigration and welfare
Ratcliffe’s Criticism
Ratcliffe says immigration and benefits are among Britain’s biggest problems and argues that welfare spending should be substantially reduced.
Government Response
The articles do not provide a detailed government response specifically addressing Ratcliffe’s immigration and welfare criticisms.
Energy security
Ratcliffe’s Criticism
Ratcliffe says taxes on North Sea operators and delays affecting Rosebank and Jackdaw are weakening the industry, and he warned about low gas storage levels.
Government Response
The government says it does not expect problems with gas supply and remains confident about the United Kingdom’s energy security; energy expert Adam Bell said the physical risk of running out of gas was relatively low.
Key facts
- Businessman
- Sir Jim Ratcliffe founded the chemicals group Ineos and co-owns Manchester United.
- Estimated wealth
- Ratcliffe’s wealth is estimated at £15 billion.
- Tax residence
- He has been a tax resident in Monaco since 2020.
- Main criticism
- He said high taxes were driving businesses and wealthy people out of Britain.
- Energy projects
- Ratcliffe criticized delays involving the Rosebank and Jackdaw oil and gas projects.
- Gas storage
- European gas storage was reported at about 69% full, compared with a typical 85% at that time of year.
- Government response
- The government said business investment had risen over the previous two years and that it remained confident about energy security.
Quotes
Sir Jim Ratcliffe
Ineos founder and Manchester United co-owner
“If you tax everybody to death, they’re all going to leave. And that’s what’s happening.”
easterneye.biz
“Two of the biggest issues we’ve got in the UK are immigration and benefits”
easterneye.biz
Sources
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