Full Breakdown
Sir Jim Ratcliffe warns UK is “on the slide” over energy and tax policy
By Drooid · · How we work
Sir Jim Ratcliffe's critique of UK policy
Sir Jim Ratcliffe, founder of petrochemical giant Ineos and a major Manchester United shareholder, has said he has lost confidence in the United Kingdom, describing the country as “on the slide.” He links the perceived decline to high taxes, high immigration and what he calls a failure to invest further in North Sea oil and gas. Ratcliffe argues that the government’s hesitation to approve additional development of the Rosebank and Jackdaw fields threatens the sector’s viability and could leave the nation vulnerable to gas shortages during a cold snap. He also contends that the UK’s “politics of envy” discourages wealth creation, contrasting the situation with the United States.
Government's rebuttal
A government spokesperson responded that business investment has risen over the past two years and that the administration is committed to delivering growth. The official emphasized confidence in the nation’s energy security, citing a diverse energy mix and stating that no problems with gas supply are foreseen. Prime Minister Andy Burnham said he will take a “pragmatic approach” to oil and gas, though the decision on Rosebank and Jackdaw remains pending. The spokesperson also affirmed that oil and gas will remain important for decades while highlighting the transition to home-grown clean power as essential for long-term financial security for families and businesses.
Energy security and economic implications
Ratcliffe noted that Ineos operates the Forties pipeline, which transports roughly 30 % of the UK’s North Sea oil, and warned that insufficient gas storage could lead to shortages if winter temperatures drop sharply. He criticized high taxes on North Sea operators, suggesting they drive companies abroad. The government’s energy-tax reforms are slated for full implementation by 2030, indicating a longer-term fiscal shift.
Broader context and recent billionaire departures
Ratcliffe’s comments follow a pattern of high-profile exits, including steel magnate Lakshmi Mittal and hedge-fund manager Chris Rokos, who have also cited the UK’s policy environment as a factor. While Ratcliffe has been a tax resident of Monaco since 2020, he indicated that a return would require substantive improvements in the UK’s economic and regulatory landscape.