Billionaire Sir Jim Ratcliffe told Sky News that Britain is ready for a change of government after rebuking the Conservatives for their handling of the economy and immigration after Brexit.
While insisting that his petrochemical conglomerate INEOS is apolitical, Sir Jim has supported Brexit and spent last weekend with the Labor leader Sir Keir Starmer at the Manchester United – the football club he now runs as a minority owner.
“I’m sure Keir will do a very good job running the country – I have no doubt about that,” Sir Jim said in an exclusive interview.
“There is no doubt that the Conservatives had a good campaign,” he added. “I think most of the country probably feels like it’s time for a change. And I understand that, I really do.”
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Sir Jim was a prominent supporter of leaving the European Union in the 2016 referendum, but now has issues with the way Brexit was implemented by Conservative prime ministers.
“Unfortunately, Brexit didn’t turn out as people expected because… Brexit was largely about immigration,” said Sir Jim.
“That was the biggest component of that vote. People were tired of the influx of the city of Southampton coming in every year. I think last year it was Southampton twice.
“I mean, no small island like the UK could handle a large number of people arriving in the UK.
“I mean, this puts a burden on the National Health Service, the transit service, the police, everyone.
“The country was designed for 55 or 60 million people and we have 70 million people and, as a consequence, all services fail.
“That’s what Brexit is about and no one has implemented it. They keep talking about it. But nothing has been done, which is why I think we will end up with a change of government.”
The UK needs to get “sharper on the business front”
Prime Minister Rishi Sunak has indicated an election is expected this year, but Monaco-based Sir Jim is not impressed with the Conservatives’ handling of the economy.
“The UK needs to be a little more discerning on the trade front,” he said. “I think the government’s biggest objective is to create growth in the economy.
“There are two parts of the economy, there is the services side of the economy and there is the manufacturing side. And the industry, unfortunately, has been declining over the last 25 years.
“We were very similar in scale to Germany probably 25 years ago.
“But today we are just a fraction of where Germany is and I think that’s not healthy for the British economy… especially when you think that the north of England is very industry-based, and that has to do with things like competitiveness energy, it deals with things like: why do you impose an immensely high tax on the North Sea?
“It just disincentivizes people from finding hydrocarbons in the North Sea, in energy.
“And what we need is competitive energy. I mean, in America, in the energy world, in the oil and gas world, they just put a corporate tax on oil and gas companies, which is about 30 %. And in the UK, we have this 75% tax because we want to get rid of the oil and gas companies.
“But if we don’t have competitive energy, we won’t have a healthy manufacturing industry. And that just doesn’t make sense to me. No.”
‘We are apolitical’
Asked about INEOS’s donations to the Labor Party, Sir Jim replied: “We are apolitical, INEOS.
“We just want a successful manufacturing sector in the UK and we have spoken to the government about that. Our views are quite clear.”
Sir Jim was more interested in talking about economics and politics than his role at struggling Manchester United, in which he bought a 27.7% stake from the American Glazer family in February – giving him an even higher business profile.
Old Trafford Stadium, in Manchester. Photo: AP
Push to the North stadium
He continues to push for public funds to regenerate Old Trafford and the surrounding areas, despite there being no apparent political support. Sir Keir was welcomed to the stadium for a Premier League match last weekend as heavy rain exposed the fragility of the old venue.
“There is a good argument, in my opinion, for having a Northern stadium, which would serve the northern part of the country in this football arena,” said Sir Jim. “If you look at the number of Champions Leagues the North West has won, it’s 10. London has won two.
“And yet everyone from the North has to go to London to watch a big football match. And there should be a [a large stadium] in the North, in my opinion.
“But it’s also important that the south side of Manchester regenerates.
“It’s a kind of second capital of the country where the Industrial Revolution began.
“But if we have a regeneration project, we need a nucleus or a regeneration project and having a world-class stadium there, I think it would give the impetus to regenerate that region.”
Watch Sir Jim Ratcliffe’s full interview on the Trevor Phillips show on Sunday morning on Sky News from 8.30am
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