Billionaire Ratcliffe Blasts Britain Over Immigration, Taxes
Billionaire Ratcliffe Blasts Britain Over Immigration, Taxes
The News
Sir Jim Ratcliffe, the INEOS founder and Manchester United co-owner, says he has lost confidence in the United Kingdom, telling the BBC the country is "on the slide."
Ratcliffe, 73 and one of Britain's richest men, blamed immigration and high taxes for the decline, according to reports from the BBC, the Daily Mail and The Sun.
He said he is not surprised that the super-rich are leaving the country, the Daily Mail reported, and tied the slide to the Labour government's failure to tackle welfare and immigration.
In the same BBC interview he called for more investment in the North Sea.
Timeline
The BBC publishes its interview with Ratcliffe, in which the INEOS founder says he thinks the UK is "on the slide" and calls for more investment in the North Sea.
The Daily Mail reports Ratcliffe has lost confidence in the UK and is not surprised the super-rich are fleeing, pinning the decline on Labour's handling of welfare and immigration and on high taxes.
The Sun carries the same remarks, reporting that Ratcliffe blames immigration and high taxes under Labour for a country "on the slide."
Reactions
Ratcliffe's own words are the story: the UK, he told the BBC, is "on the slide."
The Daily Mail framed him as an outspoken critic who blames Labour's failure on welfare and immigration, alongside the tax burden, and who sees the exodus of wealthy Britons as the predictable result.
The Sun reported the remarks the same way, putting immigration and high taxes under Labour at the center of his complaint.
None of the three reports in this story carry a response from the Labour government.
What's Next
Ratcliffe has put a specific ask on the table — more investment in the North Sea — and it now sits with a Labour government he has just accused of driving the country down.
Watch for whether ministers answer him directly, and whether other high-profile British businessmen echo the claim that the wealthy are leaving.
More
The argument Ratcliffe is making — that high taxes and immigration policy push the wealthy out and drag an economy down — is the same fight American readers hear at home, which is why a British industrialist's complaint travels.
He is not a fringe voice: INEOS is one of the world's large chemical companies and Ratcliffe is among Britain's richest people, per the Daily Mail.
Poll
Do high taxes drive the wealthy out of a country?
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