The Brexit-backing billionaire said a combination of high taxes and high immigration is forcing the UK into decline
Bookmark popover
Your support helps us to tell the story
Read moreSupport Now
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
**Your support makes all the difference.**Read more
The billionaire Manchester United owner Sir Jim Ratcliffe has said he can see why rich people are leaving the UK, describing the country as “on the slide”.
Sir Jim, who owns the petrochemicals giant Ineos, claimed a combination of high taxes and high immigration is forcing the UK into decline, and that the government’s “green eye” towards wealth is driving the highest earners away.
It comes after several high-profile departures from some the country’s highest earners, including billionaire hedge fund founder Chris Rokos, who is reportedly moving to Greece amid fears of tax rises in chancellor John Healey’s autumn Budget.
But he said the UK’s attitude towards wealth is driving exceptionally high earners to countries with more favourable tax prospects.
"In America they applaud people who create wealth," he added. "Unfortunately the UK has got a bit of a green eye towards wealth at the moment."
He said for him to return to the UK "things would have to get better,” adding the UK had “once been a fantastic place”.
Sir Jim Ratcliffe made the comments in an interview with the BBC at the inauguration of the Greensand carbon capture and storage (CCS) project in Esbjerg, Denmarkopen image in gallery
Sir Jim Ratcliffe made the comments in an interview with the BBC at the inauguration of the Greensand carbon capture and storage (CCS) project in Esbjerg, Denmark (AFP/Getty)
The Manchester United owner is worth around £15bn and left the UK in 2018 to become a tax resident in Monaco. He was a prominent backer of Brexit and was Britain’s richest man at the time of his exit.
He told the BBC’s Big Boss Interview: “I think the UK, unfortunately, it was a fantastic place.
“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 UK is on the slide. It’s quite difficult to see how we arrest it.
“Two things: we need politicians who are tough enough to deal with some very difficult problems, and we know what the problems are.
“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.”
Sir Jim also warned that failure to invest in North Sea oil and gas is "insanity" and that gas storage was so low that the UK could "run out of gas" if there was a cold snap this winter. In response, the government said it is “confident” in the robustness of its gas supply.
Sir Jim was previously criticised for his comments about immigrationopen image in gallery
Sir Jim was previously criticised for his comments about immigration (Reuters)
It comes after Andy Burnham insisted he was “determined” to reach net zero by 2050.
The prime minister faces pressure from both sides over looming decisions on whether to approve the controversial Jackdaw and Rosebank fields.
Climate campaigners have urged him to block the proposed new developments in the North Sea while the oil and gas industry and opposition politicians have argued they would create thousands of jobs and cut bills.
Permission for one or both would throw his commitment to net zero into question.
Meanwhile, asked what issues politicians should focus on, Sir Jim said immigration was “clearly one” as well as high taxes.
"We had the greatest empire in the world. We were a great people. We won two world wars," he told the BBC.
But he criticised politicians for a reluctance to act on what he called the “immigration problem” and the “benefits problem”.
"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.
Sir Jim attracted criticism earlier this year after he said the UK had been “colonised by immigrants”.
He later issued a statement saying he was sorry if those remarks had “offended some people”, with then-prime minister Sir Keir Starmer and then-Mayor of Greater Manchester Andy Burnham among those who condemned them.