Labour Party chair Bridget Phillipson has challenged recent remarks made by Sir Jim Ratcliffe regarding the state of the United Kingdom. Ratcliffe, the founder of Ineos and a co-owner of Manchester United, recently stated that he has lost confidence in the country, citing high immigration levels and taxation as primary concerns.
Speaking on the BBC's Sunday with Laura Kuenssberg, Phillipson argued that Ratcliffe forfeits the "moral high ground" by offering commentary on the nation while maintaining tax residency in Monaco, a status he has held since 2020. She suggested that his assessment of the UK being "on the slide" should be viewed with a "pinch of salt."
Ratcliffe, whose personal wealth is valued at approximately £15 billion, also criticized the government's approach to North Sea oil and gas production, describing the current policy as "insanity." He warned that excessive taxation is driving away wealth creators. In response, a government spokesperson maintained that while oil and gas remain part of the energy mix, the focus must remain on the transition to clean power to ensure long-term security.
The exchange occurs as the government prepares for the upcoming Budget on 28 October. Phillipson declined to comment on potential tax changes, emphasizing that the government remains committed to fiscal discipline. She expressed optimism regarding the country's economic outlook, noting that the UK is in a strong position despite international challenges.
Ratcliffe is among several high-profile figures to leave the UK, joining others such as steel tycoon Lakshmi Mittal and hedge-fund manager Chris Rokos.
Source: BBC News
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