Headline: Sir Jim Ratcliffe Says UK Is ‘On the Slide’ Over Tax, Immigration and Energy Policy

Date: 19 September 2026

Tags: UK Economy, Energy, Business, Immigration

Summary:

• Ineos founder Sir Jim Ratcliffe said he had lost confidence in Britain, describing the country as “on the slide”.

• Ratcliffe blamed high taxation and immigration, arguing current policies were discouraging wealthy individuals and businesses from remaining in Britain.

• He criticised delays over further development of the Rosebank and Jackdaw North Sea oil and gas fields.

• Ratcliffe argued Britain should exploit domestic energy resources rather than increase its dependence on imported energy.

• The government said oil and gas would remain important while Britain transitions towards domestically produced clean energy.

• Ratcliffe warned low European gas storage could threaten supplies if Britain experiences a particularly cold winter.

• European gas storage stands around 69%, compared with approximately 85% typically recorded at this point of the year.

• Energy specialists said gas shortages remained unlikely, although uncertainty surrounding future US LNG supplies presented additional risks.

• Ratcliffe also criticised UK immigration and welfare spending, arguing politicians had failed to address both sufficiently.

• The government said business investment had increased and expressed confidence that Britain had sufficient energy supplies.

Why this matters: Ratcliffe’s comments highlight continuing debates over taxation, investment, immigration and Britain’s future balance between fossil fuels and clean energy.

What’s next: The government faces decisions over Rosebank and Jackdaw while monitoring gas supplies and preparing wider reforms to energy taxation.