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

Figure caption, Sir Jim Ratcliffe says the UK economy is "on the slide"

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.