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Sir Jim Ratcliffe called UK energy policy “folly” in his latest criticism of the country’s business environment.
The billionaire owner of chemicals group Ineos has accused the British government of ignoring scientists by banning fracking, and of deterring investment in North Sea oil and gas through unexpected taxes.
“Whether we like it or not, we cannot survive without hydrocarbons because that is 85 per cent of our energy base in the UK,” he said. Government data puts this number at 75 percent.
“Energy policy is complex, but it’s not rocket science (..) You won’t be able to supply the entire UK with wind energy.”
By contrast, he said, the US has “done most things right” on energy policy, keeping prices low – including by tapping into its own resources.
“Having a competitive edge is critical if you want people to continue to invest in your manufacturing base,” he added.
Ratcliffe, who has also confirmed he is still in the running to buy Manchester United, was speaking at an event in London to promote a new book on Ineos – Perseverance, rigor and humor – On the occasion of the company’s twenty-fifth anniversary.
And this week, he has already accused Britain’s regulator, the Competition and Markets Authority, of becoming “increasingly hostile to business” after it blocked Ineos’ deal to buy Swiss concrete additives firm Sika.
“Its position is reflected in the lack of government support for manufacturing; both in reviews like this one, and in our non-competitive approach to energy policy,” he said on Tuesday.
Ratcliffe founded Ineos in 1998 with co-owners Andy Currie and John Reece, acquiring assets from BP, ICI and others to develop it into one of the largest chemical companies in the world.
It also owns oil and gas fields in the North Sea and the US, and invested heavily in trying to develop hydraulic fracturing in Britain before the operation was banned in 2019 over fears of earthquake risks.
The group has expanded into consumer-oriented businesses in recent years, such as developing the Grenadier 4×4 off-road vehicle, purchasing, among other sporting interests, the OGC Nice football club, and the Belstaff clothing brand.
Ineos is now competing with Sheikh Jassim bin Hamad Al Thani, a Qatari businessman, to buy Manchester United from the Glazer family.
“There’s still a process,” Ratcliffe said Wednesday. But at the end of the day, that’s their decision.
“We still very much want to do it and we’ll do it for the right reasons.”
