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Sir Jim Ratcliffe, the billionaire owner of a large stake in Manchester United, has declared he has lost confidence in the United Kingdom, calling the nation “on the slide”. The Ineos founder points to a mix of high taxes and elevated immigration as the drivers behind what he sees as a steady decline.
Ratcliffe told the BBC that failing to push further investment into North Sea oil and gas production is nothing short of “insanity”. He warned that gas storage across the region sits at levels low enough that a severe cold snap this winter could leave the UK short on supply.
Government officials pushed back on the claim. A spokesperson said the UK maintains a diverse energy mix and expressed confidence in the security of supply, adding that business investment has climbed over the past two years as part of a broader growth strategy.
Wealth, Politics, and a Move to Monaco
Ratcliffe, whose fortune sits at roughly £15bn, has stirred controversy before over his remarks on immigration. A known Brexit supporter, he has been a tax resident in Monaco since 2020. He argues that a “politics of envy” is pushing wealth creators out of Britain.
“In America they applaud people who create wealth,” he said. “Unfortunately the UK has got a bit of a green eye towards wealth at the moment.”
He added that a return to the UK would require conditions to “get better” first.
North Sea Oil and Gas Under Pressure
Prime Minister Andy Burnham has promised a “pragmatic approach” to oil and gas, yet the government has still not resolved whether to approve further development at the Rosebank and Jackdaw fields. Ratcliffe criticized the delay, arguing that steep taxes on North Sea operators threaten the sector’s survival. Reform of energy company profit taxes is underway but won’t be fully in place until 2030.
Ineos runs the Forties pipeline, responsible for transporting close to 30% of the UK’s North Sea oil output.
“You would expect [the government] to exploit our natural resources and we’re clearly not doing that. We’re shutting it down. If you tax everybody to death, they’re all going to leave. And that’s what’s happening.”
Recent climate data and record heatwaves have strengthened arguments against expanding fossil fuel extraction. Political pressure has grown on the government to move ahead with Rosebank and Jackdaw regardless, citing jobs, tax revenue, and energy security concerns.
Ratcliffe supported that push, describing it as “absurd” for the UK to import more energy than necessary.
A government spokesperson said oil and gas would remain important “for decades to come” but stressed that “the transition to homegrown clean power is the only way to deliver energy and financial security for families and businesses.”
Gas Storage Fears for Winter
Ratcliffe warned that low gas storage across Europe carries real risk for the UK in the coming months.
“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 industry off… our storage is not full.”
The UK does not typically maintain large gas reserves of its own, leaning instead on LNG shipments and pipeline imports from Europe. Energy consultancy Cornwall Insight noted that EU gas storage currently sits around 69%, well below the 85% level typical for this time of year.
Adam Bell of Stonehaven consultancy offered a more measured view, saying supplies were unlikely to run short.
“We are down compared to where we normally would be but not what I’d regard as catastrophic. The physical risk of running out of gas is relatively low, especially if Jackdaw gets the go ahead.”
Bell identified US policy, given its role supplying LNG to the UK, as the main source of uncertainty.
Carbon Capture Ambitions Move to Denmark
Ratcliffe made his comments in Denmark at the launch of the EU’s first carbon capture and storage (CCS) system, a project Ineos has backed alongside subsidies from the Danish government and the EU. He said he had wanted to build similar infrastructure in the UK but found government support lacking.
The Department for Energy Security and Net Zero said it has committed £21.7bn toward CCS projects over 25 years, though no such projects are yet running in the UK.
At the Esbjerg site in southwest Denmark, captured carbon arrives from across the country in large tanks before being loaded onto a vessel named Carbon Destroyer 1. From there it travels nearly 200 miles offshore to be pumped into a depleted oil field.
Critics argue CCS remains costly and that funds would be better directed toward renewable energy rather than prolonging fossil fuel dependence.
Immigration and Welfare Under Fire
Ratcliffe’s criticism extends beyond energy and tax policy. He described the UK as once being “a fantastic place”.
“We had the greatest empire in the world. We were a great people. We won two world wars.”
He argued that immigration and welfare spending have both climbed too high, and that politicians have shown little willingness to confront either issue.
“Nobody’s tough enough to deal with the immigration problem. Nobody’s tough enough to deal with the benefits problem. But somebody needs to do it.”
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Earlier this year, Ratcliffe drew backlash after claiming the UK had been “colonised by immigrants”. Stay with TipsGG for continued coverage on the figures shaping football’s business landscape and beyond.