Jim Ratcliffe says the UK is a country 'on the slide'

Sir Jim Ratcliffe, the founder of petrochemical giant Ineos and co-owner of Manchester United, has declared that the United Kingdom is a country "on the slide," citing a combination of high taxes and high immigration as the primary causes of national decline. In an interview with the BBC's Big Boss Interview podcast, the billionaire, who has been a tax resident in Monaco since 2020, said the UK had once been "a fantastic place" but is now losing wealthy individuals and businesses to more welcoming jurisdictions.

Ratcliffe contrasted the present with the past, noting that Britain once had "the greatest empire in the world" and had won two world wars. "We're good, honest folk," he said. "But unfortunately, at the moment, I think the UK is on the slide. It's quite difficult to see how we arrest it." He attributed the decline to what he called "a bit of a green eye towards wealth," arguing that the United States applauds wealth creators while the UK encourages them to leave.

The businessman also warned of potential energy shortages, saying the UK's gas storage is so low that a cold snap this winter could force industry shutdowns. He criticised the government's hesitation over approving the Rosebank and Jackdaw oil and gas fields in the North Sea, calling the failure to invest further in domestic resources "insanity." Ineos operates the Forties pipeline, which transports about 30% of the UK's North Sea oil.

A government spokesperson responded that the UK has a diverse energy mix and is confident in its security of supply, adding that business investment has increased in the last two years. The spokesperson said oil and gas would play an important role "for decades to come" but that the transition to homegrown clean power is the only way to deliver energy and financial security.

Ratcliffe's remarks reignited controversy over his immigration views. In February, he apologised after saying the UK had been "colonised by immigrants," a comment that drew condemnation from Prime Minister Andy Burnham. He repeated his core assertion this week, saying that "nobody's tough enough to deal with the immigration problem" or the benefits problem, and that politicians need to make decisions based on national interest rather than political expediency.

The Manchester United Muslim Supporters Club (MUMSC) responded with a statement of no confidence in the club's ownership, calling Ratcliffe's comments "completely unacceptable" and demanding that he and the Glazer family sell the club. The group said United's players, staff and supporters come from many countries and backgrounds, and that the club "would not be Manchester United without them." MUMSC noted it had challenged Ratcliffe's earlier remarks and hoped a lesson had been learned, but said the latest comments showed otherwise.

Ratcliffe acquired a 27.7% stake in Manchester United in 2024 and has since overseen 450 redundancies, a ticket price increase and the sacking of two managers. The club sits 13th in the Premier League after four games and was knocked out of the Carabao Cup by Brighton on Wednesday. MUMSC's statement tied its demand for change to wider concerns about higher ticket prices, a deteriorating stadium and a team falling behind, saying the ownership structure has failed after years of decline.

The billionaire said he has no plans to return to the UK, stating that he does not see growth being tackled. He called for the benefits bill to be cut in half and the savings spent on robotics and AI, areas where he said the UK is "nowhere at the moment." Ratcliffe was speaking from Denmark, where Ineos has invested in the EU's first carbon capture and storage project, which he said he had hoped to develop in the UK but lacked sufficient government support.