Billionaire Man United owner says he has lost confidence in the UK

One of Britain's richest people, Sir Jim Ratcliffe, says he has lost confidence in the UK, describing the country as "on the slide".

The founder of petrochemical giant Ineos, who also owns a large stake in Manchester United, said the UK was in decline due to a combination of high taxes and high immigration.

He told the BBC failing to invest further in North Sea oil and gas amounted to "insanity" and warned gas storage was so low that the UK could "run out of gas" if there was a cold snap this winter.

In response to the billionaire's criticism, the government said it was working to deliver growth and that business investment had increased in the last two years.

A spokesperson said they did not foresee any problems with gas supply: "We have a diverse energy mix and are confident in our security of supply."

Sir Jim, whose wealth is estimated to be around £15bn, has prompted controversy in the past with his comments on immigration. He was a supporter of Brexit but has been a tax resident in Monaco since 2020.

The businessman's UK exit has been followed by other high-profile billionaires, including steel tycoon Lakshmi Mittal and most recently hedge-fund boss Chris Rokos .

Sir Jim said the politics of envy was driving people away from the UK.