'It's hard to take advice from a tax exile': Bridget Phillipson hits back at Sir Jim Ratcliffe after billionaire insists he's 'lost confidence in UK'
The Minister for Women and Equalities commented after the businessman said the UK has a culture of envy towards wealth
Bridget Phillipson has hit back at one of Britain's richest businessmen after he insisted he "no longer has confidence" in the UK because of its culture of envy towards wealth.
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Speaking exclusively with LBC, Phillipson said she was "surprised" by Sir Jim Ratcliffe's comments, because "I think we’re a great country."
"It’s kind of hard to take advice on this from someone who’s chosen to be a tax exile," the MP told Ben Kentish on Sunday, referencing how Sir Jim chose to relocate to Monaco from the UK in 2020.
Monaco has no tax on income, wealth or property.
Sir Jim, founder of chemicals giant Ineos, said the UK government had “a bit of a green eye towards wealth at the moment” which was “encouraging” the wealthiest to relocate.
Read more: Man Utd players 'not happy' after Sir Jim Ratcliffe claims UK 'colonised by immigrants'
Read more: Hedge fund tycoon who paid £330million in tax last year quits UK amid exodus of wealthy under Labour
Sir Jim said: "Unfortunately, with the things that they’ve been doing, they’ve been encouraging the people who have created wealth to leave the UK because it’s just become uncomfortable for them for tax reasons or whatever.
“Also, crime on the streets has gone up as well, which doesn’t help.”
"I do want this to be a place where people can start businesses, grow businesses, invest in our country," Phillipson told LBC.
"But I'm not sure that Jim Ratcliffe would be my go-to person given his tax exile status and also the fact that he was a big backer of Brexit [which] I think we all know hasn't led to these amazing economic dividends that we were all promised."
It comes after Britain's third- biggest taxpayer, hedge fund tycoon Chris Rokos, revealed his decision to leave the UK for Greece earlier this month.
The billionaire, who paid around £330million in tax last year, reportedly cited reasons including non-domiciled resident payments, inheritance tax concerns and private school fees.
Mr Rokos forms part of an exodus of wealthy entrepreneurs and investors under Labour, amid an ongoing fear of tax rises for the uber-wealthy.
Speaking to billionaires losing faith in Britian Phillipson said: "I think it's a real shame because I'm really proud of our country. And I feel quite hopeful and optimistic about our country's future and that our best days lie ahead of us."
Sir Jim, the owner of Manchester United, contrasted attitudes in the UK with America where "they applaud people who create wealth.
“And the good thing about those people who create wealth is that they then spend that wealth in the economy in which they’re resident."
Asked if he was planning on returning to the UK, the businessman said: “Not at the moment, no. I don’t see growth being tackled.
“I would like to see the benefits bill cut in half and all the savings spent on robotics and AI.”
He also told the podcast that the UK was "on the slide" and needed politicians "who are tough enough to deal with some very difficult problems, and we know what the problems are."
Asked what issues politicians should focus on, Sir Jim said immigration was “clearly one” as well as high taxes.
Earlier this year, Sir Jim told Sky News the UK had been “colonised by immigrants” before he said he was sorry if those remarks had “offended some people”.
The billionaire also said failing to invest further in North Sea resources by handing licences for the Jackdaw and Rosebank oil and gas fields amounted to “insanity”, and warned the UK’s reliance on energy imports meant the country could “run out of gas” if there was a cold spell this winter.
He said: “The risk you’ve got this winter is that we run out of gas.
“If we have a really sharp cold spell, then there is conceivably the possibility that we’ll run out of gas and have to switch the industry off.”
It comes after Andy Burnham insisted he was “determined” to reach net zero by 2050.
The Prime Minister faces pressure from both sides over looming decisions on whether to approve the controversial Jackdaw and Rosebank fields.
Climate campaigners have urged him to block the proposed new developments in the North Sea while the oil and gas industry and opposition politicians have argued they would create thousands of jobs and cut bills.
Permission for one or both would throw his commitment to net zero into question.