Ratcliffe says the UK is in decline — The Guardian
In the United Kingdom, Jim Ratcliffe, co-owner of football club Manchester United and founder of the petrochemicals company Ineos, said that the country is in a state of decline. He linked this to high taxes and immigration, The Guardian reports.
Criticism of taxes and immigration
In an interview for the BBC Big Boss Interview, the billionaire said that, in his view, the United Kingdom is declining compared with the period when the country had the world’s largest empire and won two world wars. He added that he does not see an easy way to stop this process.
Ratcliffe also said that, in his view, Britain has an envious attitude towards wealth, which encourages wealthy people to leave the country for tax reasons. Since 2020, he has lived in Monaco, where a more favourable tax regime is in place.
Seven months ago, the businessman told Sky News that the country was being colonised by immigrants. He later said that he regretted it if those words had offended some people.
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According to the UK Office for Budget Responsibility, the tax burden in the country has risen to around 35.3% of GDP, the highest level since the Second World War. At the same time, the agency notes that this figure remains below the average level in 14 Western European countries.
Energy sector and possible return
Ratcliffe also criticised government policy on further investment in North Sea resources and licences for the Jackdaw and Rosebank oil and gas fields. He called it madness and warned that the country’s dependence on energy imports could create a risk of gas shortages in the event of a sharp winter cold spell.
In response, the government told the BBC that it was working to ensure economic growth and that business investment had increased over the past two years. A government representative said that no problems with gas supplies were expected thanks to the diversified energy supply structure.
Asked about returning to the United Kingdom, Ratcliffe replied that he was not currently planning to do so because he does not see the problem of economic growth being properly addressed in the country.
