UK Media: Billionaire Rahtz Claims Loss of Confidence in UK, Warns of Low Gas Reserves; Government Responds

Source: Global Times

[Global Times report, journalist Li Sa] According to a report by the BBC on 18 October, British billionaire Jim Ratcliffe stated that he has lost confidence in the UK, saying the country is "on a downward trajectory."

Ratcliffe during interview with UK media. Source: Screenshot from video

The BBC notes that Ratcliffe is the founder of chemical giant Ineos and a co-owner of Manchester United Football Club. Speaking to the BBC, he attributed the UK’s decline to high taxation and large-scale immigration.

Additionally, Ratcliffe described as “madness” the failure of authorities to further invest in oil and gas operations in the North Sea, warning that gas reserves are at critically low levels and that the UK could “run out of gas” if a cold snap hits this winter.

The report states that Ratcliffe believes heavy taxation on operators conducting oil and gas activities in the North Sea is threatening the industry.

In response to Ratcliffe’s criticism, the UK government said it is actively working to promote economic growth and noted that business investment has increased over the past two years. A government spokesperson stated that gas supply is not expected to face any issues: “Our energy mix is diversified, and we remain confident in supply security.”

On 31 July, BP announced the sale of its oil and gas operations in the North Sea, ending more than six decades of activity in the region. According to Reuters, industry insiders in the UK’s oil and gas sector argue that repeated changes to tax policies affecting the sector have created policy uncertainty, undermining corporate confidence in investing in the UK’s offshore resources.

The BBC reports that Ratcliffe has previously faced controversy over comments on immigration. Earlier coverage by UK media indicated that in February, following his remark that the UK had been “colonized by immigrants,” then-Prime Minister Keir Starmer condemned the statement as “rude and wrong,” demanding an apology. Ratcliffe subsequently expressed regret for having offended some individuals with his comment about the UK being “colonized by immigrants.”

Original article: toutiao.com/article/1876731669728256/

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