Ineos Billionaire Worth £15bn Says UK Economy 'On the Slide'

Sir Jim Ratcliffe, the billionaire founder of petrochemical company Ineos and part-owner of Manchester United, says he has lost confidence in the UK and calls the country "on the slide," according to comments given to the BBC on September 19, 2026.

Who is Jim Ratcliffe and why does his view matter?

Ratcliffe's wealth is estimated at around £15bn, according to the BBC. He built Ineos into one of the world's largest petrochemical firms and holds a large stake in Manchester United. He has been a tax resident in Monaco since 2020, even though he backed Brexit. Because Ineos runs major UK energy infrastructure, including the Forties pipeline that carries about 30% of the country's North Sea oil, his comments on tax and energy policy carry weight in the industry.

Why does he say the UK is "on the slide"?

Ratcliffe told the BBC that a mix of high taxes and high immigration is driving the UK's decline. He said the country's attitude toward wealth is part of the problem: "In America they applaud people who create wealth. Unfortunately the UK has got a bit of a green eye towards wealth at the moment." He added that for him to return to the UK, "things would have to get better."

What did he say about North Sea gas and Rosebank?

Ratcliffe called it "insanity" for the UK to hold back further investment in North Sea oil and gas. He warned that gas storage is so low the country could "run out of gas" if a cold snap hits this winter. He criticized the government for delaying a decision on developing the Rosebank and Jackdaw oil and gas fields, saying high taxes on North Sea operators threaten the sector's future. "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." A reform of taxes on energy company profits is underway but won't be fully in place until 2030, per the BBC.

How did the UK government respond?

A government spokesperson told the BBC that business investment has increased over the last two years and that officials are working to deliver growth. On gas supply, the spokesperson said: "We have a diverse energy mix and are confident in our security of supply." On energy policy, the government said oil and gas will remain important "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." Prime Minister Andy Burnham has said he will take a "pragmatic approach" to oil and gas, though the Rosebank and Jackdaw decision remains unresolved.

Is he the only billionaire leaving the UK?

No. The BBC reports that Ratcliffe's departure follows other high-profile billionaires who have left the UK, including steel tycoon Lakshmi Mittal and, most recently, hedge-fund boss Chris Rokos. Political pressure is building on the government to approve Rosebank and Jackdaw to protect UK jobs, tax revenue, and energy security, even as recent climate data and record heatwaves fuel arguments against further fossil fuel development.

For the full interview and additional context, read the original BBC report.

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