Labour chair Bridget Phillipson says Sir Jim Ratcliffe has lost "the moral high ground" after criticising the UK while living as a tax exile in Monaco since 2020. Ratcliffe, worth around £15bn and co‑owner of Manchester United, blamed high taxes and immigration and criticised limited North Sea investment. Phillipson dismissed his remarks as hollow, expressed optimism ahead of the 28 October Budget, and stressed fiscal discipline. The government said oil and gas remain important while advocating a transition to clean power.
Labour Chair Says Sir Jim Ratcliffe Loses 'Moral High Ground' After Becoming Tax Exile
[BBC]
Labour Party chair Bridget Phillipson has criticised Sir Jim Ratcliffe for publicly admonishing the UK while living as a tax exile, saying his comments have cost him "the moral high ground." The billionaire Ineos founder and Manchester United co‑owner told the BBC he had lost confidence in the UK because of a mix of high taxes and high immigration and has been a Monaco tax resident since 2020.
Phillipson's Response
Speaking on BBC's Sunday with Laura Kuenssberg, Phillipson said she would take Ratcliffe’s claim that the UK is "on the slide" with a "pinch of salt." She argued his criticisms ring hollow when he has chosen to live outside the country for tax reasons.
"He 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," Phillipson said.
Ratcliffe's View
Sir Jim, whose personal fortune is estimated at about £15bn, said he would only consider returning if "things would have to get better" in the UK. He criticised what he described as insufficient investment in North Sea oil and gas, calling the approach "insanity," and warned that high taxes drive people and business away.
"If you tax everybody to death, they're all going to leave. And that's what's happening," he told the BBC.
Political And Economic Context
Phillipson acknowledged concerns about wealthy individuals relocating overseas but emphasised her optimism about the country's prospects ahead of the Budget on 28 October. She praised Manchester mayor Andy Burnham for offering "a sense of hope and optimism" while recognising ongoing pressures on many families.
Other high‑profile billionaires have also left the UK in recent years, including steel magnate Lakshmi Mittal and hedge‑fund founder Chris Rokos, who recently relocated to Greece.
Energy And Government Response
Ratcliffe highlighted Ineos’s role in the North Sea energy sector: the company operates the Forties pipeline, which transports roughly 30% of UK North Sea oil. A government spokesperson stressed that oil and gas will remain important for the UK "for decades to come," while emphasizing that "the transition to homegrown clean power is the only way to deliver energy and financial security for families and businesses."
Phillipson declined to speculate on whether the autumn Budget will include tax rises and reiterated the government's commitment to disciplined spending rules.
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