British billionaire Jim Ratcliffe lambasted the UK’s energy policy, saying “daft” decisions in areas including nuclear power are crushing manufacturing in the country.
The owner of chemicals giant Ineos Group Holdings pushed for more investment in reactors and repeated calls for the UK government to allow hydraulic fracturing, or fracking. At an event in London Wednesday evening, he said conversations with ministers to find solutions were “frustrating.”
The UK and Europe grappled with natural gas shortages last year after Russia’s invasion of Ukraine curbed supplies, exposing flaws in the region’s energy policies. High energy costs hurt manufacturing, with firms from chemicals giants to glassmakers and metal smelters forced to reduce output or shut down altogether.
“The UK has made some daft decisions in nuclear,” Ratcliffe said. “Competitive energy is critically important if you want to continue to have people investing in your manufacturing base. And if you don’t invest in the manufacturing base, it slowly dwindles away and dies.”
Ratcliffe’s criticism comes at time when the UK and Europe are facing increasing competition for investments as the US expands green-energy subsidies. President Joe Biden’s Inflation Reduction Act, in particular, has lured energy investments to the US.
At the event to mark the launch of his new book Grit, Rigour & Humour: The Ineos Story, Ratcliffe said Ineos is now seeing the majority of its profits coming from the US.
The Brexit backer has made a string of attacks on the UK government and the state of manufacturing. He criticized the Competition and Markets Authority after it raised concerns about a proposed acquisition by Ineos, resulting in the collapse of the deal.
“There has to be reasons to invest in the UK,” he said. “You can think of the reasons you might invest in America and you can think of the reasons you might invest in China, but what are the reasons you would invest in the UK?”
Ratcliffe is also in the race to buy the Premier League football club Manchester United. He said he had made a “good offer,” and had met with the Glazer family owners a “couple of times.”
“We had a good session with them, but at the end of the day, it’s their decision not our decision,” he said. “We still would very much like to do it.”
--With assistance from Craig Trudell.
