The Labour Party chair, Bridget Phillipson, has said that Sir Jim Ratcliffe, co-owner of Manchester United, loses "the moral high ground" by making statements about the UK while residing in tax exile. Speaking on Sunday with Laura Kuenssberg, Ms Phillipson suggested taking Sir Jim's comments that the UK was "on the slide" with a "pinch of salt."
Sir Jim, who founded petrochemical giant Ineos, told the BBC he has lost confidence in the UK due to a combination of high taxes and high immigration. He has been a tax resident in Monaco since 2020 and indicated that "things would have to get better" in the UK for him to return.
When questioned about his remarks, Ms Phillipson stated that Sir Jim 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 added that she was "optimistic about our country's prospects."
Sir Jim, whose wealth is estimated at approximately £15bn, also criticised the government for not investing further in North Sea oil and gas, calling it "insanity." He claimed, "If you tax everybody to death, they're all going to leave. And that's what's happening." Ineos, his company, operates the Forties pipeline, which transports around 30% of the UK's North Sea oil.
A government spokesperson said that oil and gas would remain important 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." Ms Phillipson declined to speculate on potential tax rises in the Budget on 28 October, stating the government remains committed to disciplined spending.