Labour Chair Criticises Sir Jim Ratcliffe Over Tax Exile Remarks
Bridget Phillipson, Labour Party chair, has responded to Sir Jim Ratcliffe's comments about losing confidence in the UK, stating he loses 'the moral high ground' while living in ta
By BBC News
Sir Jim Ratcliffe, co-owner of Manchester United and founder of petrochemicals company Ineos, has faced criticism from Bridget Phillipson, chair of the Labour Party, following his remarks about the UK. In an interview with the BBC, Ratcliffe expressed a loss of confidence in the country, citing high taxes and immigration as key factors.
Phillipson stated that Ratcliffe loses 'the moral high ground' by making such comments while residing in Monaco, where he has been a tax resident since 2020. She indicated that she would take his assertion that the UK is 'on the slide' with a 'pinch of salt' due to his tax status.
Ratcliffe mentioned that for him to consider returning to the UK, 'things would have to get better'. He also criticized the government's approach to North Sea oil and gas investment, describing the current situation as 'insanity'.
In response to concerns about wealthy individuals leaving the UK, Phillipson expressed optimism about the country's future, highlighting the upcoming Budget and the government's commitment to disciplined spending. She refrained from speculating on potential tax increases in the Budget scheduled for 28 October.
The discussion around Ratcliffe's comments comes amid a trend of high-profile billionaires relocating from the UK, including steel magnate Lakshmi Mittal and hedge-fund manager Chris Rokos. Despite this, Phillipson remains confident in the UK's economic prospects, asserting that the country is well-positioned ahead of the Budget.