Man Utd owner loses moral high ground after tax exile

Sir Jim Ratcliffe, founder of petrochemical giant Ineos and co-owner of Manchester United, has faced sharp criticism from Labour, with officials arguing he has forfeited his moral high ground after relocating to Monaco for tax purposes.

In an interview with the BBC, the billionaire revealed he lost confidence in the UK due to a mix of high taxation and immigration levels, stating that conditions in the country would need to improve significantly before he would consider returning.

Stock photo for illustration only, not from the actual event

His departure mirrors moves made by other prominent billionaires, including steel magnate Lakshmi Mittal and, most recently, the UK's third-biggest taxpayer and hedge-fund manager Chris Rokos, who has moved to Greece.

Sir Jim, whose net worth is estimated at around £15 billion, also criticized the government for failing to invest further in North Sea oil and gas, describing the oversight as sheer insanity. His company, Ineos, operates the Forties pipeline, which transports roughly 30% of the UK's North Sea oil.