Sir Jim Ratcliffe: UK 'on the slide' due to high taxes, immigration
The Ineos founder warned of potential gas shortages and criticised a lack of government support for carbon capture projects.
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Sir Jim Ratcliffe, founder of petrochemical company Ineos and a major shareholder in Manchester United, has stated he has lost confidence in the United Kingdom, describing the country as "on the slide". The billionaire, whose wealth is estimated at £15 billion, attributed this decline to a combination of high taxes and high immigration levels.
Concerns over energy security
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Ratcliffe expressed strong criticism regarding the UK's approach to its North Sea oil and gas resources, calling further investment in them "insanity" and warning that current low gas storage levels could lead to the UK "run[ning] out of gas" if there is a cold snap this winter. He noted that the UK relies on LNG and imports from Europe, with EU gas storage levels currently at approximately 69%, below the typical 85% for this time of year.
A government spokesperson responded to these criticisms, stating that they are working to deliver growth and that business investment has increased in the last two years. The government expressed confidence in the UK's security of energy supply, highlighting a diverse energy mix. They also acknowledged that oil and gas will remain important for decades but emphasised the transition to homegrown clean power for long-term security.
Criticism of carbon capture support
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Speaking in Denmark at the launch of the EU's first carbon capture and storage (CCS) system, in which Ineos has invested, Sir Jim stated he had hoped to develop similar projects in the UK but found insufficient government support. The Department for Energy Security and Net Zero has committed £21.7 billion for CCS projects over 25 years, but no such projects are currently operational in the UK. Critics argue that CCS is expensive and that funds could be better allocated to renewable energy.
Views on UK business environment
Sir Jim suggested that the "politics of envy" was driving wealth creators away from the UK, contrasting it with the United States where, he said, people who create wealth are applauded. He indicated that for him to return to the UK, "things would have to get better". He also commented on immigration and welfare spending, stating that politicians have been reluctant to address these issues effectively.
Ineos operates the Forties pipeline, which transports approximately 30% of the UK's North Sea oil. The government is currently considering whether to approve further development of oil and gas fields at Rosebank and Jackdaw, a decision that remains unresolved. Tax reforms for energy company profits are planned but will not be fully implemented until 2030.
Questions this report answers
+Why has Sir Jim Ratcliffe lost confidence in the UK?
Sir Jim Ratcliffe stated he has lost confidence in the UK due to high taxes and high immigration. He believes the country is "on the slide" and that the "politics of envy" is driving wealth creators away, contrasting it with the United States.
+What are Sir Jim Ratcliffe's concerns about the UK's energy supply?
He warned that low gas storage levels in the UK and Europe pose a risk, potentially leading to shortages if there is a cold snap. He also criticised the UK for not investing further in its North Sea oil and gas resources.
+What has the government committed to for carbon capture projects?
The Department for Energy Security and Net Zero has committed £21.7 billion over 25 years for carbon capture and storage (CCS) projects. However, no CCS projects are currently operational in the UK, and Sir Jim Ratcliffe has cited a lack of government support for developing such schemes.
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