Sir Jim Ratcliffe is one of the most successful industrialists in Britain.
Starting from scratch, the chemical engineer from Manchester, who grew up on a council farm, founded the chemical giant of Ineos only 20 years ago.
Today it is a global business with sales of £ 45 billion, which employs more than 18,500 people in 181 sites in 22 countries. It's a story of fantastic growth: Ineos manufactures products to clean water, make toothpaste and antibiotics, isolate homes and package foods.
Sir Jim Ratcliffe is one of the most successful industrialists in Britain. Starting from scratch, the chemical engineer from Manchester founded the chemical giant of Ineos only 20 years ago.
The extraordinary success of Ratcliffe has brought him great wealth, making him the richest man in the United Kingdom, with a fortune of £ 21 billion. That brings responsibilities.
That's why his decision to follow exiles like Lewis Hamilton and Sir Philip Green's wife, Tina, and others to the French Riviera is deeply disturbing.
He should reconsider. They should also do their two fellow Ineos billionaires, Andy Currie and John Reece, who will also travel to Monaco.
What makes Ratcliffe's decision so hypocritical is that he is also a leading Brexiteer and a champion of great British brands.
He recently bought Belstaff, the designer clothing firm, and plans to spend 700 million pounds on the creation of a British successor to the discontinued Land Rover Defender, now owned by India Tata.
At Brexit, Ratcliffe has been particularly outspoken, stating that "the British are perfectly capable of handling the British and do not need Brussels to tell them what to do," and that the United States of Europe is not viable.
Maggie Pagano says that Ratcliffe's decision to follow exiles like Lewis Hamilton (pictured) and Sir Philip Green's wife, Tina, and others to the French Riviera is deeply disturbing
Becoming a fiscal exile is not a good thing for Ratcliffe. It is a terrible example for other aspiring industrialists and does not help the reputation of your company or the respect or loyalty of its employees, many of whom have fought in Grangemouth.
It is certainly not a vote of confidence in the future of the UK economy at a time when self-confidence is more necessary than ever. Clearly, Ratcliffe does not like to pay too many taxes. He has been involved in tax controversies before. In 2010, he moved the headquarters of Ineos to Switzerland, to save hundreds of millions of pounds after the Labor government refused to allow him to defer VAT payments.
Two years ago, the headquarters returned to London and will stay. It has also been at the forefront of challenging the Scottish ban on fracking, and criticized the government for not helping with the subsidies to build its new Defender factory in the UK.
He argues that there should be subsidies to cover training and other facilities for the 10,000 new jobs he hopes to create. In this, Ratcliffe has a point, although his decision to join the jet set in Monaco makes his case less credible.
More generally, Ratcliffe's decision raises new questions about the efficiency of our tax regulations. First of all, why is it so easy for a person born, raised and based in the United Kingdom to stick and change his tax domicile?
Secondly, is it not time to reduce the higher tax rates so that it is no longer attractive for the very rich to transfer wealth abroad? Our tax and pension rules are a complete joke, replete with complicated fees, gaps and subsidies.
Ironically, it is always the very rich who get away with paying less taxes while paying the experts to find the gaps. How crazy is that?
Pagano says the clock marks extra time at House of Fraser. The group of stores now has only days to guard against collapse. That is when the Chinese owner, Yuan Yafei, has to pay his clients for the concession
Time is running out
The clock marks extra time at House of Fraser. The group of stores now has only days to guard against collapse. That is when the Chinese owner, Yuan Yafei, has to pay his clients of the concession.
It is said that potential bidders Philip Day, owner of Edinburgh Woollen Mills, and Mike Ashley, Sports Direct, presented their best offers yesterday. If neither Day nor Ashley invent the products, the sources calculate that the 169-year-old department store group will be transferred to the administration.
In addition to 15 million pounds sterling to pay suppliers over monthly rental bills, it still needs a new investment of up to £ 50 million to continue, and that allows the closing of 31 of the 59 stores.
The most likely outcome is that House of Fraser goes to the administration with the buyers choosing the stores they want. No matter what happens, there is more blood to come, since 17,500 jobs are at risk. Are you sure there will be time for the government to continue with the revision of business rates?