The Aporia
Heffer, G. (2026, September 20). Labour's Bridget Phillipson hits back at claims by Manchester United's 'tax exile' owner Jim Ratcliffe that UK is 'on the slide' because of high taxes and immigration. Daily Mail. https://www.dailymail.com/news/article-16146001/Labours-Bridget-Phillipson-hits-claims-Manchester-Uniteds-tax-exile-owner-Jim-Ratcliffe-UK-slide-high-taxes-immigration.html?ns_mchannel=rss&ns_campaign=1490&ito=1490
Heffer, Greg. “Labour's Bridget Phillipson hits back at claims by Manchester United's 'tax exile' owner Jim Ratcliffe that UK is 'on the slide' because of high taxes and immigration.” Daily Mail, 20 Sept. 2026, https://www.dailymail.com/news/article-16146001/Labours-Bridget-Phillipson-hits-claims-Manchester-Uniteds-tax-exile-owner-Jim-Ratcliffe-UK-slide-high-taxes-immigration.html?ns_mchannel=rss&ns_campaign=1490&ito=1490.
Heffer, Greg. “Labour's Bridget Phillipson hits back at claims by Manchester United's 'tax exile' owner Jim Ratcliffe that UK is 'on the slide' because of high taxes and immigration.” Daily Mail, September 20, 2026. https://www.dailymail.com/news/article-16146001/Labours-Bridget-Phillipson-hits-claims-Manchester-Uniteds-tax-exile-owner-Jim-Ratcliffe-UK-slide-high-taxes-immigration.html?ns_mchannel=rss&ns_campaign=1490&ito=1490.
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Sir Jim Ratcliffe, founder of petrochemical giant Ineos and co-owner of Manchester United, has expressed a loss of confidence in the UK, describing it as "on the slide" due to high taxes and immigration. Ratcliffe warned that without further investment in North Sea oil and gas, the country could face energy shortages if there is a cold spell this winter. The billionaire moved his tax residence to low-tax Monaco in 2020.
In response, Labour Party chair Bridget Phillipson criticized Ratcliffe for making such statements while living as a "tax exile." Phillipson argued that Ratcliffe loses the moral high ground by criticizing Britain from abroad. She also highlighted the government's efforts to improve the UK's economic outlook and trade relationship with the EU.
High-profile departures of wealthy individuals like Ratcliffe and hedge-fund boss Chris Rokos raise concerns about the impact on the UK economy and its reputation as a place for business investment.