Sir Jim Ratcliffe, the billionaire founder of Ineos and a major Manchester United shareholder, has told the BBC that he has lost confidence in the UK. The BBC quotes him describing the country as “on the slide,” blaming high taxes and high immigration for its decline.
The warning comes as the UK faces a winter of low gas storage. Ratcliffe says the country could “run out of gas” if there is a cold snap this season, and he warns that Europe’s current levels are dangerously low. His comments land at a moment when the government is weighing whether to approve two major North Sea oil and gas fields, Rosebank and Jackdaw, even as it pushes for a cleaner energy future.
Ratcliffe’s Record and His Exit From Britain
Ratcliffe’s fortune is estimated at around £15bn. He was a supporter of Brexit but has been a tax resident in Monaco since 2020. He has publicly criticised the UK’s direction for years, arguing that the “politics of envy” are driving people away.
He says “In America they applaud people who create wealth… unfortunately the UK has got a bit of a green eye towards wealth at the moment.” For him to return, he says, “things would have to get better.”
Other high-profile billionaires have left the UK since Sir Jim, including:
- Lakshmi Mittal
- Chris Rokos
Ratcliffe himself has repeatedly criticised the UK’s direction, arguing that taxing everyone to death makes people leave and that is exactly what is happening.
The Gas Warning and Its Numbers
Ratcliffe’s most urgent claim is about gas storage. He says the UK could “run out of gas” if there is a cold snap this winter. He also points to low gas storage levels in Europe, noting that current EU levels are about 69%, compared to typical 85% at this time of year.
Adam Bell of Stonehaven consultancy says supplies are unlikely to run short, calling the situation “not what I’d regard as catastrophic.” But Ratcliffe’s warning carries weight precisely because he is in the business. Ineos operates the Forties pipeline, which transports about 30% of the UK’s North Sea oil.
The government’s response is cautious. A spokesperson says they are confident in security of supply, citing a diverse energy mix. They also note that business investment has increased in the last two years.
The Oil Fields at Stake
The Rosebank and Jackdaw oil and gas fields are awaiting government approval for development. Ratcliffe is not waiting for permission to speak about them. He calls failing to invest further in North Sea oil and gas “insanity.”
His argument is simple: the UK should exploit its own resources rather than importing more energy than necessary. He describes the situation as “absurd.”
Prime Minister Andy Burnham says he will take a “pragmatic approach” to oil and gas. That suggests a willingness to balance short-term energy security with longer-term climate goals, though the government’s official position remains clear. A spokesperson says oil and gas will play an important role in the UK “for decades to come,” but adds that the transition to homegrown clean power is the only way to deliver energy and financial security.
Taxes on Energy Profits
Ratcliffe also targets the tax regime. He criticises high taxes on North Sea operators, pointing out that tax on energy company profits is being reformed but not fully implemented until 2030. He wants faster action on that front.
He is not alone in pushing for change. DESNZ says the government has committed £21.7bn for CCS projects over 25 years, though no projects are yet operational in the UK. Ratcliffe says he had hoped to develop CCS in the UK but there had not been enough government support.
The Climate Debate Behind the Warning
Recent climate data and record heatwaves support arguments against fossil fuel exploitation. But political pressure has grown to proceed with Rosebank and Jackdaw to support UK jobs, tax revenues and energy security.
Critics of CCS say it is expensive, money that could be better used investing in renewables rather than supporting continued fossil fuel use. Ratcliffe’s own position is clear: he supports CCS but says the UK has failed to back it properly.
Ratcliffe’s Past Comments on Immigration
Ratcliffe has not softened his views on immigration. He previously said the UK had been “colonised by immigrants,” later apologising for “offending some people.” He now says immigration and welfare spending are both currently too high and politicians have proved reluctant to tackle either.
“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,” he said.
The Setting: Denmark and CCS
Sir Jim was speaking in Denmark at the launch of the EU’s first carbon capture and storage system (CCS). Ineos has invested in the scheme, which is subsidised by the Danish government and the EU.
The CCS project in Esbjerg involves carbon arriving in zeppelin-like tanks before being pumped into a ship called Carbon Destroyer 1, then into a depleted oil field nearly 200 miles offshore.
What This Means for the UK
The immediate stakes are practical. If the UK enters winter with low gas storage and a cold snap hits, the country could indeed face supply shortages. Ratcliffe’s warning is not purely speculative; he is describing a situation that could arise this year.
The longer question is whether the UK can square the circle of energy security and climate ambition. Ratcliffe wants the government to approve Rosebank and Jackdaw while cutting taxes on North Sea operators. The government wants to hold the line on clean energy while managing the transition.
The government’s official position is that oil and gas will play a role for decades, but that the future belongs to homegrown clean power. That is a pragmatic stance.
Ratcliffe’s exit from Britain is a warning sign for the government. He is not the first billionaire to leave, but he is one of the most prominent.
Where the paper stands
The paper backs the public having a real say in how tax money gets spent and is against any plan that lets money vanish into a budget nobody voted on line by line. It is against money vanishing into a budget nobody voted on line by line, and for any plan that gives taxpayers real control over where it goes.
Sir Jim’s warning about gas storage and his demand for faster tax relief on North Sea operators raise questions about whether the government is listening to the people who actually pay them. The paper wants taxpayers to have a real say in how their money is spent, not just told what the government thinks is best.
Readers should watch for any plan that treats tax money as something that simply vanishes into a budget nobody voted on line by line. The paper wants taxpayers to have a real say in how their money is spent, and it will keep asking for that until it gets it.
Source material: “Billionaire Man United owner says he has lost confidence in the UK,” the BBC.
Get the Notebook.
The day's best stories and every fresh verdict, in plain English, in your inbox by seven. One email a day, no more.