Billionaire Man United owner says he has lost confidence in the UK
Ineos founder Sir Jim Ratcliffe tells the BBC he thinks the country is "on the slide" and calls for more investment in the North Sea.
One of Britain's richest people, Sir Jim Ratcliffe, says he has lost confidence in the UK, describing the country as "on the slide".
The founder of petrochemical giant Ineos, who also owns a large stake in Manchester United, said the UK was in decline due to a combination of high taxes and high immigration.
He told the BBC failing to invest further in North Sea oil and gas amounted to "insanity" and warned gas storage was so low that the UK could "run out of gas" if there was a cold snap this winter.
The government spokesperson said that oil and gas would play an important role in the UK "for decades to come", but they added: "The transition to homegrown clean power is the only way to deliver energy and financial security for families and businesses."