Labour Party chair Bridget Phillipson has dismissed recent criticisms of the UK by billionaire Sir Jim Ratcliffe, stating that the businessman loses the moral high ground by offering such commentary while living as a tax exile. Speaking on Sunday with Laura Kuenssberg, Phillipson remarked that she treats the Ineos founder’s claims that Britain is “on the slide” with a “pinch of salt.”
Sir Jim, who also serves as a co-owner of Manchester United, recently revealed to the media that his confidence in the UK has waned, citing concerns over high immigration and significant tax burdens. Having maintained tax residency in Monaco since 2020, the industrialist noted that conditions within the UK would need to improve significantly before he would consider returning.
When pressed on whether it is concerning that major job creators and high-tax contributors are departing the country—joining other notable figures like steel tycoon Lakshmi Mittal and hedge-fund manager Chris Rokos—Phillipson maintained an optimistic outlook regarding the nation’s economic future. She argued that the government is in a solid position ahead of the upcoming 28 October Budget, emphasizing that despite international headwinds, the country is well-prepared due to strategic decisions made over the previous two years.
While Phillipson declined to discuss potential tax adjustments, she reaffirmed the government’s commitment to maintaining fiscal discipline regarding spending rules. She pointed to a sense of hope, noting that while many families continue to face financial struggles, the administration remains focused on the belief that the country’s best days are ahead. The report also notes that he has been a tax resident in Monaco since 2020 and said “things would have to get better” in the UK for him to return. The report also notes that the minister said she was “optimistic about our country’s prospects”, pushed on whether it bothers her that people who create jobs and pay a lot of tax were leaving the UK.
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