- Ineos’ Sir Jim Ratcliffe criticizes government over fracking ban and windfall taxes
- Monaco-based tycoon worth £29.6bn says UK can’t be powered by wind energy alone
Chemicals magnate Sir Jim Ratcliffe has launched a blistering attack on UK energy policy, saying “you can’t power the whole UK with wind energy”.
Sir Jim, the billionaire owner of Ineos and potential buyer of Manchester United, criticized the British Government for banning fracking and discouraging investment in North Sea oil and gas through extraordinary taxes.
The Monaco-based tycoon, who is worth £29.6bn according to the Sunday Times Rich List, said: “Whether we like it or not, we cannot survive without hydrocarbons as they make up 85 per cent of our energy base. in the United Kingdom”. saying. Government data puts this figure at 75 percent.
“Energy policy is complex, but it is not rocket science (…) You will not be able to power the entire United Kingdom with wind energy.” On the contrary, he said, the United States had “largely got it right” in terms of energy policy, having kept prices low, including by exploiting its own resources.
“Having competitive energy is vitally important if you want people to continue investing in your manufacturing base,” he told the Financial Times.
Chemicals magnate Sir Jim Ratcliffe (pictured) has launched a blistering attack on UK energy policy, saying “you can’t power the whole UK with wind energy”.
“Energy policy is complex, but it’s not rocket science… You won’t be able to power the entire UK with wind energy,” Sir Jim said.
Ratcliffe was speaking at an event in London to promote a new book about Ineos – Grit, Rigor & Humor – to mark the company’s 25th anniversary.
Earlier this week he accused the Competition and Markets Authority of becoming “increasingly hostile to business” as it had blocked Ineos’ deal to buy Swiss company Sika’s concrete additives business.
‘Their attitude is reflected in the lack of government support for the manufacturing industry; whether in reviews like this or in our non-competitive approach to energy policy,” he stated.
Ratcliffe founded Ineos in 1998 with co-owners Andy Currie and John Reece, buying assets from ICI, BP and others to create one of the world’s largest chemicals companies.
It owns oil and gas fields in the United States and the North Sea and is one of the largest plastic manufacturers in the world.
In recent years it has expanded into new ventures, such as the development of the Grenadier 4×4 all-terrain vehicle and the purchase of the OGC Nice football club and the Belstaff fashion clothing brand.
Ineos is now competing with Sheikh Jassim bin Hamad al-Thani, the Qatari businessman, to buy Manchester United from the Glazer family.
Responding to those comments, the Government insisted that Britain was “open for business and has shown a clear strategy for the UK manufacturing industry with a range of schemes ensuring sectors from cars to aerospace and technology low-carbon companies have access to the financing, talent and infrastructure they need.
