Ratcliffe voices ‘no confidence in UK,’ warns of country’s slide

Britain’s billionaire businessman and Manchester United co-owner Jim Ratcliffe has said he has “no confidence in the U.K.,” warning that the country is “on the slide” because of high taxes and immigration.

Ratcliffe, founder of chemicals giant Ineos, moved from Britain to Monaco in 2020. Speaking to the BBC’s “Big Boss” interview, he said the U.K. had declined from its former position as a global power and questioned how its problems could be reversed.

“I think the U.K., unfortunately, it was a fantastic place,” Ratcliffe said. “We had the greatest empire in the world. We were a great people. We won two world wars. We’re good, honest folk.

“But unfortunately, at the moment, I think the U.K. is on the slide. It’s quite difficult to see how we arrest it.”

Ratcliffe said Britain needed politicians willing to tackle difficult issues and make decisions based on the country’s interests rather than their own political fortunes.

“Two things: We need politicians who are tough enough to deal with some very difficult problems, and we know what the problems are,” he said.

“And we need politicians who will make decisions which are good for the country, not good for themselves and their party. And we haven’t had one of those for a long time.”

Asked which issues politicians should prioritize, Ratcliffe pointed to immigration as “clearly one,” alongside high taxes.

Earlier this year, Ratcliffe told Sky News that the U.K. had been “colonised by immigrants,” before later saying he was sorry if his remarks had “offended some people.”

The billionaire also said failing to invest further in North Sea oil and gas by approving the Jackdaw and Rosebank fields amounted to “insanity.” He warned that the U.K.’s reliance on energy imports could leave the country short of gas during a particularly cold winter.

“The risk you’ve got this winter is that we run out of gas,” Ratcliffe said.

“If we have a really sharp cold spell, then there is conceivably the possibility that we’ll run out of gas and have to switch the industry off.”

The comments come as Prime Minister Andy Burnham has reaffirmed his commitment to reaching net zero by 2050. The government is also facing decisions over the proposed Jackdaw and Rosebank developments in the North Sea.

The projects have become the subject of a wider debate over the U.K.’s energy security and climate commitments. Supporters argue that domestic oil and gas production would strengthen energy security and support jobs, while opponents say new fossil fuel development conflicts with the country’s net-zero goals.

Ratcliffe also said the U.K. had “a bit of a green eye towards wealth” and was “encouraging” wealthy people to relocate.

“In America they applaud people who create wealth,” he said.

“And the good thing about those people who create wealth is that they then spend that wealth in the economy in which they’re resident.

“Unfortunately, the U.K. has got a bit of a green eye towards wealth at the moment.

“And, unfortunately, with the things that they’ve been doing, they’ve been encouraging the people who have created wealth to leave the U.K. because it’s just become uncomfortable for them for tax reasons or whatever.

“Also, crime on the streets has gone up as well, which doesn’t help.”

Asked whether he planned to return to the U.K., Ratcliffe said: “Not at the moment, no. I don’t see growth being tackled.

“I would like to see the benefits bill cut in half and all the savings spent on robotics and AI.”

Asked whether artificial intelligence would have an impact on the job market and leave many people unemployed, Ratcliffe said he did not believe that would be the case.

“No, no. I mean, you think about the two biggest industries that are going to change our lives, at the moment, is AI and robotics,” he said.

“I mean, it’s going to have fundamental changes to the way in which we live, the way in which we work, and the U.K. is nowhere at the moment in those two technologies.”

DAILYSABAH