Billionaire Man United owner loses moral high ground after tax exile, Labour chair says
The UK Labour Party chair Bridget Phillipson criticized billionaire Sir Jim Ratcliffe for questioning the UK's economic direction while living as a tax exile in Monaco. Phillipson dismissed his concerns as lacking moral authority, emphasizing the government's optimism ahead of the upcoming budget.
Why it matters
This highlights the ongoing political tension between the UK government and high-net-worth individuals regarding tax policy and national economic confidence.
By Scott Duffield , Political reporter and Rachel Clun , Business reporter Published 22 minutes ago The Labour Party chair has said Sir Jim Ratcliffe loses "the moral high ground" by making statements about the UK while living in tax exile.
Speaking to Sunday with Laura Kuenssberg, Bridget Phillipson said she would take the billionaire businessman's comments that the UK was "on the slide" with a "pinch of salt".
Sir Jim, the founder of petrochemical giant Ineos and Manchester United's co-owner, told the BBC he has lost confidence in the UK due to a combination of high taxes and high immigration.
He has been a tax resident in Monaco since 2020 and said "things would have to get better" in the UK for him to return.
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