Sir Jim Ratcliffe, one of Britain's wealthiest businessmen and co-owner of Manchester United, has said he has 'no confidence in the UK'.
Sir Jim Ratcliffe
Sir Jim Ratcliffe, has already apologised over his claims immigrants had "colonised" the UK. (Image: PA)
The co-owner of Manchester United, Sir Jim Ratcliffe, has declared he has 'no confidence in the UK' and believes the nation is 'on the slide'. One of Britain's wealthiest businessmen, Sir Jim suggested Britain was declining due to elevated taxation and immigration.
The founder of chemicals giant INEOS, who relocated to Monaco from the UK in 2020, 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.
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"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."
When questioned about which issues politicians ought to prioritise, Sir Jim stated immigration was 'clearly one', alongside elevated taxation. Earlier this year, Sir Jim told Sky News the UK had been 'colonised by immigrants' before he said he was sorry if those remarks had 'offended some people'.
The billionaire also described failing to invest further in North Sea resources by granting licences for the Jackdaw and Rosebank oil and gas fields as "insanity", and cautioned that Britain's dependence on energy imports meant the nation could "run out of gas" during a cold snap this winter.
He said: "The risk you've got this winter is that we run out of gas. 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."
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This follows Andy Burnham's insistence that he remained "determined" to achieve net zero by 2050. The Prime Minister faces mounting pressure from opposing camps regarding imminent decisions on whether to approve the contentious Jackdaw and Rosebank fields.
Environmental activists have urged him to reject the proposed new North Sea developments, while the oil and gas sector and opposition politicians have contended they would generate thousands of jobs and reduce bills. Approval for either or both would cast doubt on his net-zero pledge.
Sir Jim Ratcliffe attending a Manchester United match.
Sir Jim Ratcliffe attending a Manchester United match. (Image: Getty)
Sir Jim also said the UK had “a bit of a green eye towards wealth at the moment”, “encouraging” the wealthiest to relocate.
He told the podcast: “In America they applaud people who create wealth. 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 UK 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 UK 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 if he was planning on returning to the UK, the businessman 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 AI would have an impact on the job market and leave many jobless, Sir Jim said: “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. “I mean, it’s going to have fundamental changes to the way in which we live, the way in which we work, and the UK is nowhere at the moment in those two technologies.”