Sir Jim Ratcliffe told he has lost 'moral high ground' over UK criticism after fleeing to tax-free Monaco

From the Newshound archive · first published 19 September 2026 · last updated 21 September 2026.

Billionaire Sir Jim Ratcliffe provoked a sharp government response after telling the BBC that Britain is "on the slide" due to heavy taxation and excessive immigration, adding that he has "lost confidence" in the country. Labour Party chair Bridget Phillipson said it is "hard to take advice" from someone who chose to become a tax exile in Monaco, where there is no income, wealth or property tax. Sir Jim, founder of Ineos and Manchester United's co-owner, has been a Monaco tax resident since 2020 and said "things would have to get better" before he would return. Phillipson also pointed to his backing for Brexit, saying it had not delivered the "amazing economic dividends" promised.

Treasury minister Torsten Bell was even blunter, accusing Sir Jim of hating "his own country while complaining he doesn't get big enough subsidies from it."

Sir Jim warned that Labour's attitude was "encouraging" wealth creators to leave, citing rising street crime alongside punishing tax levels as factors pushing the super-rich out of the country.

Hedge fund boss Chris Rokos, Britain's third-biggest taxpayer last year, recently relocated to Greece in the latest high-profile departure from the UK.