£15bn Man Utd Owner Ratcliffe Draws Labour Fire Over Tax Exile

Sir Jim Ratcliffe, the £15bn founder of petrochemical group Ineos and co-owner of Manchester United, has drawn a rebuke from the Labour Party after telling the BBC he has lost confidence in Britain over high taxes and immigration, saying he would need to see conditions improve before returning from his tax residence in Monaco.

Appearing on Sunday with Laura Kuenssberg, Labour Party chair Bridget Phillipson said Ratcliffe loses "the moral high ground" by "making these kinds of pronouncements while choosing to make decisions, that he is within his rights to make, to become a tax exile." She said she would take his comments that the UK was "on the slide" with "a pinch of salt."

What did Ratcliffe say about the UK?

Ratcliffe told the BBC that "things would have to get better" in Britain before he would move back, citing a combination of high taxes and high immigration. He also criticized the government for not investing further in North Sea oil and gas, calling the policy "insanity." "You would expect [the government] to exploit our natural resources and we're clearly not doing that. We're shutting it down," he said. "If you tax everybody to death, they're all going to leave. And that's what's happening."

How did Phillipson respond?

Pressed on whether it troubles her that people who create jobs and pay significant tax are leaving Britain, Phillipson said she was "optimistic about our country's prospects." She pointed to Greater Manchester Mayor Andy Burnham as showing "a sense of hope and optimism whilst recognising that many families are still struggling and there is more to do." She declined to speculate on whether the government's October 28 Budget will include tax increases, saying ministers remain "committed to being disciplined about its spending rules."

How much is Ratcliffe worth, and who else has left?

• Ratcliffe's wealth is estimated at about £15bn, according to the BBC.
• He has been a tax resident of Monaco since 2020.
• Ineos operates the Forties pipeline, which carries roughly 30% of the UK's North Sea oil output.
• Other high-profile departures cited by the BBC include steel tycoon Lakshmi Mittal and hedge-fund manager Chris Rokos, described as the UK's third-biggest taxpayer, who is set to leave for Greece.

What is the government's position on North Sea oil and gas?

A government spokesperson told the BBC that oil and gas would play "an important role" in the UK "for decades to come," but added that "the transition to homegrown clean power is the only way to deliver energy and financial security for families and businesses."

What to watch

• Whether the October 28 Budget includes new tax measures affecting high earners or non-domiciled residents.
• Any government response to Ineos or further comment from Ratcliffe on North Sea investment.
• Whether additional high-net-worth individuals announce departures before the Budget.
• Conservative Party pressure on Burnham to rule out tax rises, a separate BBC-reported story from the same week.

Ratcliffe's remarks and Phillipson's response were first reported by the BBC.