Government minister criticizes Sir Jim Ratcliffe’s comments on UK economy
A government minister has hit back at “tax exile” Sir Jim Ratcliffe after the billionaire Manchester United owner said he can see why rich people are leaving the UK and described the country as “on the slide,” reports BritPanorama.
Sir Jim, who left the UK in 2018 to become a tax resident in Monaco, claimed a combination of high taxes and high immigration is forcing Britain into decline. He remarked that for him to return to the UK “things would have to get better,” emphasizing that the UK had “once been a fantastic place.”
However, women and equalities minister Bridget Phillipson criticized his remarks, stating that Sir Jim had lost the “moral high ground” by making pronouncements about the UK while opting to reside as a tax exile. “Of course, we want to see a successful economy that involves supporting our businesses to deliver the very best, but you’ll forgive me if I do take with a pinch of salt what someone who is a tax exile has to say about our country,” she told the BBC, adding she is “optimistic about that country’s prospects.”
Phillipson is the second minister to criticize Sir Jim over his claim the UK is “on the slide.” Treasury minister Torsten Bell suggested that the billionaire “hates his own country while complaining he doesn’t get big enough subsidies from it.” Phillipson elaborated, asserting that Ratcliffe’s position diminishes his arguments due to his choice to live abroad while previously supporting Brexit.
“That was over a decade ago now, but we’ve seen the impact of Brexit on our economy,” she stated, highlighting the government’s commitment to improving trading relationships with the European Union as essential for ensuring stronger growth.
The Manchester United owner, whose net worth is approximately £15 billion, was a notable proponent of Brexit at the time of his departure. In an interview, he expressed regret about the UK’s current state: “I think the UK, unfortunately, it was a fantastic place… But unfortunately, at the moment, I think the UK is on the slide. It’s quite difficult to see how we arrest it.”
His comments coincide with the departures of some of the UK’s highest earners, including hedge fund founder Chris Rokos, reportedly moving to Greece amid concerns over potential tax increases in Chancellor John Healey’s autumn Budget.
“In America they applaud people who create wealth,” Sir Jim noted, adding that the UK currently fosters a “bit of a green eye towards wealth.” He also warned against the risk of insufficient investment in North Sea oil and gas, describing neglect in this area as “insanity” and cautioning that low gas storage levels could lead to shortages during a cold winter. The government responded by expressing confidence in the resilience of its gas supply.
