Sir Jim Ratcliffe has been slammed by Labour for claiming the UK is “on the slide”.
The billionaire blamed excessive taxation, uncontrolled immigration, and a ballooning welfare bill as the main drivers of the nation’s decline.
Sir Jim, who resides in Monaco, suggested overtaxing the wealthy would lead to an exodus, saying: “If you tax everybody to death, they’re all going to leave.”
Treasury minister Torsten Bell criticised the billionaire for “hating his own country”.
Labour’s chair, Bridget Phillipson, went further, questioning whether Sir Jim had any standing to lecture the nation on its economic direction.
“I do think you lose the moral high ground in the argument you make, Jim Ratcliffe, that is, by making these kinds of pronouncements while choosing to make decisions, that he is within his rights to make, to become a tax exile.
“And of course, he was also someone, as I understand it, who was a big supporter of Brexit,” she told the BBC.
Ratcliffe, a prominent Brexit supporter, also took aim at politicians in his criticism.
Sir Jim Ratcliffe has been slammed by Labour for claiming the UK is ‘on the slide’
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PA
He said: “We had the greatest empire in the world. We were a great people. We won two world wars.
“Nobody’s tough enough to deal with the immigration problem. Nobody’s tough enough to deal with the benefits problem. But somebody needs to do it.”
It is not the first time Ratcliffe has sparked controversy with his comments about immigration and the welfare system.
In February, the United minority owner claimed the UK had been “colonised” by migrants while discussing the number of people receiving benefits.
Bridget Phillipson said Sir Jim has ‘lost the moral high ground’
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GETTY“You can’t have an economy with nine million people on benefits and huge levels of immigrants coming in,” he said at the time.
“I mean, the UK has been colonised. It’s costing too much money.”
Ratcliffe subsequently apologised for “offending some people” following a backlash over his choice of language.
He has also criticised previous Conservative leaders for failing to reduce immigration following Britain’s departure from the European Union.
Ratcliffe has been outspoken in his criticism of immigration and the welfare system
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GETTYRatcliffe made his latest intervention while attending the launch of the EU’s first carbon capture and storage system in Denmark.
The INEOS chief also attacked Britain’s energy policy, describing the failure to support further North Sea drilling as “insane”.
INEOS operates the Forties pipeline system, which carries just under a third of the oil produced in the North Sea.
Ratcliffe warned the UK could face gas supply problems if it experiences a particularly severe cold spell this winter.
He said: “You would expect the Government to exploit our natural resources and we’re clearly not doing that. We’re shutting it down.
“If you tax everybody to death, they’re all going to leave. And that’s what’s happening. Our storage is not full. If we have a really sharp cold spell, then there is conceivably the possibility that we’ll run out of gas and have to switch industry off.”
The Government rejected Ratcliffe’s warning and insisted Britain possessed a secure and varied energy supply.
A spokesman said: “We have a diverse energy mix and are confident in our security of supply. The transition to homegrown clean power is the only way to deliver energy and financial security for families and businesses.”