Billionaire Man United owner loses moral high ground after tax exile, Labour chair says
Summary
Sir Jim Ratcliffe, billionaire co-owner of Manchester United and founder of Ineos, criticized the UK for high taxes and immigration while living as a tax resident in Monaco since 2020. Labour Party chair Bridget Phillipson said his tax exile status weakens his position to criticize the UK and expressed optimism about the country's economic future ahead of the upcoming Budget.Key Facts
- Sir Jim Ratcliffe lives in Monaco for tax reasons and has been a tax resident there since 2020.
- He said he has lost confidence in the UK due to high taxes and immigration.
- Ratcliffe criticized the UK government for not investing enough in North Sea oil and gas.
- Ineos, Ratcliffe’s company, runs a pipeline transporting about 30% of the UK’s North Sea oil.
- Bridget Phillipson, Labour Party chair, said Ratcliffe loses the “moral high ground” by criticizing the UK while being a tax exile.
- Other billionaires, like Lakshmi Mittal and Chris Rokos, have also left the UK.
- Phillipson said she is optimistic about the UK’s economic prospects despite challenges.
- The UK government emphasized the importance of oil and gas but highlighted a transition to clean energy for long-term security.
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