Sir Jim Ratcliffe Critiques Tory Leadership, Signals Support for Labour Amid Economic and Immigration Concerns

Sir Jim Ratcliffe criticizes the Conservative Party for their management of the economy and immigration issues post-Brexit

Though he maintains that his petrochemical giant INEOS remains neutral in politics, Sir Jim supported the Brexit movement and was seen last weekend with Labour leader Sir Keir Starmer at a Manchester United game, a club where he holds a minority ownership.

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Sunday, May 19, 2024, 1:

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Billionaire Sir Jim Ratcliffe has expressed to Sky News his belief that the UK is in need of new leadership, criticizing the Conservative Party for their management of economic issues and immigration policies following Brexit.

Although Sir Jim Ratcliffe, head of the petrochemical giant INEOS, maintains that his company does not engage in political activities, he supported Brexit and was seen last weekend spending time with Labour leader Sir Keir Starmer at a Manchester United game, a club where he holds a minority ownership stake.

"Sir Jim expressed his confidence in Keir's ability to effectively lead the nation, stating in an exclusive interview, 'I have no doubts whatsoever about his capability to manage the country well.'"

"He emphasized that the Conservatives have certainly enjoyed a successful period," he added. "It seems like most of the nation might be ready for something different. And honestly, I can understand that sentiment."

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Sir Jim, a key supporter of the Brexit campaign during the 2016 referendum, has expressed dissatisfaction with the way Brexit has been implemented by Conservative Party leaders.

"Brexit, regrettably, didn't meet expectations as it was predominantly focused on immigration issues," Sir Jim observed.

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"The primary factor in that decision was the growing frustration with the annual increase of people from the city of Southampton. Last year, the number doubled."

"It's clear that a relatively small country such as the UK would struggle to handle a large influx of people."

"It really puts too much strain on the National Health Service, traffic management, and law enforcement, among others.

The nation was originally planned to accommodate 55 to 60 million individuals, but now that the population has reached 70 million, all the services are overwhelmed and failing as a result.

"The entire purpose of Brexit has yet to be realized; it remains all talk and no action. That's why I believe we're headed towards a change in government."

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The UK must enhance its business acumen

Prime Minister Rishi Sunak has suggested that there will be an election this year, however, Sir Jim, who is based in Monaco, has expressed dissatisfaction with how the Conservatives have managed the economy.

"He emphasized that the UK must become more astute in its business dealings," he mentioned. "In my view, the primary goal for the government should be to stimulate economic expansion."

The economy is comprised of two sectors: the service sector and the manufacturing sector. Regrettably, the manufacturing sector has been in decline for the past quarter-century.

About a quarter-century ago, our size was quite comparable to that of Germany.

"Currently, we are significantly behind Germany, and I believe this is detrimental to the UK economy… especially considering that the north of England heavily relies on manufacturing. This relates to issues such as energy costs competitiveness and raises questions like, why is there such a high tax on the North Sea?"

"This simply discourages individuals from searching for hydrocarbons in the North Sea energy sector.

"The necessity is for an energy sector rooted in competition. Specifically, in the United States within the realms of oil and gas, these corporations are subjected to a corporate tax rate of approximately 30%. Conversely, in the UK, the tax rate on these companies has been set at 75% as part of an effort to phase out the oil and gas industry."

"If we lack competitive energy prices, our manufacturing sector won't thrive. To me, that's completely illogical. Absolutely not."

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Political Correspondent

Sir Jim Ratcliffe's statements are influential due to his stature.

A wealthy entrepreneur and supporter of Brexit, who manages a workforce of thousands, would typically be expected to align with the Conservative Party.

Rather, it appears he is signaling an end to them. Symbolically, this is significant.

However, this seems to reflect a broader trend in the business world.

Labour has actively sought to charm the business community, with key members initiating a series of upscale "smoked salmon offensive" breakfast gatherings with leading executives—and it’s proving to be effective.

Business gatherings hosted by the Labour Party are now drawing large crowds as companies take note of the potential shift in political power. However, some tensions remain.

Proposals by the Labour Party to enhance workers' rights and increase the influence of unions have caused unease among certain groups.

Additionally, there are ongoing concerns regarding the party's general attitudes toward the business community.

In other words, many within the Labour Party believe that individuals such as Sir Jim—a billionaire in the petrochemical industry residing in tax-exempt Monaco—are not contributing to solutions, but rather are contributing to problems.

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"We maintain a neutral stance on political matters."

When questioned on INEOS's contributions to the Labour Party, Sir Jim stated, "INEOS is apolitical."

"Our goal is to enhance the manufacturing industry in the UK, and we have communicated this objective to the government. They are well aware of our stance."

Sir Jim showed more interest in discussing economic and political issues rather than his involvement with the underperforming Manchester United, where he acquired a 27.7% stake from the American Glazer family in February, further elevating his stature in the business world.

Campaign for Northern Arena

He keeps advocating for government money to revitalize Old Trafford and its neighboring regions, even though there seems to be no imminent political backing. Sir Keir visited the stadium for a Premier League game last weekend, a visit that coincided with a heavy downpour highlighting the deteriorating condition of the old facility.

Sir Jim argued, "I strongly believe that the North should have its own stadium dedicated to football, to cater to the northern regions." He highlighted the football prowess of the North West by noting, "If you consider the Champions League victories, the North West has secured 10, compared to London's two."

"Still, it seems that everyone from the North must travel to London to catch a major football game. In my opinion, there ought to be a large stadium up North as well."

"However, it's equally crucial for the southern area of Manchester to undergo revitalization."

This city is often regarded as the secondary epicenter of the nation where the Industrial Revolution took root.

"If you're embarking on a regeneration initiative, it's crucial to have a central element or a focal point for the project. The presence of a world-class stadium could serve as that catalyst, potentially spurring the revitalization of the area."

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