Ineos boss Jim Ratcliffe has launched a scathing attack on Labour's energy policies, branding them 'utter madness'. Speaking in an interview, Ratcliffe claimed that the 'idealogues running the UK' are behind the policies, which he believes will harm the country's economy.
Ratcliffe's comments come as his company, Ineos, is set to invest heavily in the US, despite the country's own environmental concerns. The news follows recent announcements by Ineos of a new investment in the US, which will create hundreds of jobs and significantly boost the company's American operations.
Labour's energy policies, which include a proposal to nationalise the energy industry, have been widely criticised by business leaders and economists. Ratcliffe's comments are the latest in a string of attacks on the policies, with many arguing that they will scare off investment and stifle economic growth.
The UK government has faced pressure to do more to support the energy industry, particularly in the wake of the cost of living crisis. However, many have warned that Labour's policies will lead to a 'brain drain' of talent and investment from the UK.
Ratcliffe's comments are likely to be seen as a blow to Labour's efforts to win over business leaders and voters. The party has struggled to balance its environmental ambitions with the need to support economic growth, and Ratcliffe's attack will add to the pressure on Labour to rethink its energy policies.