Billionaire Man United owner loses moral high ground after tax exile, Labour chair says

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.

When questioned over the remarks, Phillipson said Sir Jim loses "the moral high ground" by "making these kinds of pronouncements while choosing to make decisions, that he is within his rights to make, to become a tax exile".

Pushed on whether it bothers her that people who create jobs and pay a lot of tax were leaving the UK, the minister said she was "optimistic about our country's prospects".

Other high profile billionaires have left the UK, including including steel tycoon Lakshmi Mittal and most recently the UK's third biggest taxpayer, hedge-fund boss Chris Rokos.

But, Philipson argued the country was in a good position ahead of the Budget next month, and Andy Burnham has shown a "sense of hope and optimism whilst recognising that many families are still struggling and there is more to do."