"Billionaire Sir Jim Ratcliffe who owns Manchester united and the energy empire Ineos has ceased all investment into Britain and will place £3 billion into US operations. Ratcliffe has blamed Rachel Reeve's "unstable fiscal regime" as the main factor in the shift and warned he will not invest into the UK as he cannot be sure as to what the "future tax rates will be." Brian Gilvary who is in charge of Ineos's energy sector said they have "stopped investing in Britain" and will place future investment into the US which will be a big win for Donald Trump. Gilvary said that the UK has "one of the most unstable fiscal regimes in the world" in the energy and natural resource sectors."
"Gilvary said in a statement, "We cannot invest with any certainty because we can't be sure what future tax rates will be." Sir Jim has raised concerns as to how high the UK's energy costs are which is driven by environment taxes, making operations not viable."
"Ratcliffe said, "The United States has got a long track record. In the 1990s, it was producing 6.5 million barrels of oil a day and importing five million, but now it's producing 30 million barrels a day and exporting. "That's proper energy security and a proper fiscal regime." The Chancellor increased the winfdall tax on oil and gas profits to 78%. A Treasury spokesperson said, "We know that oil and gas will be with us for decades to come. " We will manage the transition to clean energy in a balanced way that helps communities, creates jobs and supports workers to reskill."
Sir Jim Ratcliffe and Ineos have halted all investment in Britain and will place £3 billion into US operations. Ratcliffe and Ineos executives blame an unstable UK fiscal regime and uncertain future tax rates for the decision. Ineos energy chief Brian Gilvary said the company has stopped investing in Britain and will shift future investment to the US, calling the UK one of the most unstable fiscal regimes in the energy sector. Ratcliffe cited lower US energy costs and strong production growth as reasons for choosing the US. The Chancellor raised the windfall tax to 78%. A Treasury spokesperson pledged a balanced transition to clean energy that supports jobs and reskilling.
Read at London Business News | Londonlovesbusiness.com
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