Ratcliffe Says UK Is "On the Slide" as £15bn Billionaire Blames Taxes and Immigration
Updated
Updated · bbc.co.uk · Sep 18
Ratcliffe Says UK Is "On the Slide" as £15bn Billionaire Blames Taxes and Immigration
1 articles · Updated · bbc.co.uk · Sep 18
Summary
Sir Jim Ratcliffe said he has lost confidence in the UK, arguing high taxes, high immigration and weak support for North Sea oil and gas show the economy is "on the slide."
Forties pipeline operator Ineos says failing to back fields such as Rosebank and Jackdaw is "insanity," and Ratcliffe warned low European gas storage could leave Britain short during a sharp winter cold spell.
69% EU gas storage is well below the usual 85% for this time of year, though UK officials and outside analysts said the risk of physical shortages remains low and supply security is intact.
£21.7bn in UK carbon-capture support has yet to produce an operating project, Ratcliffe said, contrasting that with Ineos's investment in Denmark's newly launched EU-backed CCS system.
The intervention adds to pressure on the government over energy policy, taxes and growth as other wealthy UK-based financiers and industrialists have also shifted their tax residence abroad.