"The backlash against Sir Jim Ratcliffe's comments about immigrants to the UK costing too much for the state comes at an awkward time for his loss-making Ineos business. The billionaire industrialist's sprawling empire, which ranges from chemicals to car making, has sought government financial support worth hundreds of millions of pounds and is lobbying for further state aid from the UK and EU to stay afloat."
"But Ratcliffe, who has also described carbon taxes as the most idiotic tax in the world, has in recent years laid claim to state support through grants and loan guarantees worth about 800m from UK and EU governments to help his refineries and chemicals plants during an extended downturn for the industry. Ratcliffe told Sky News: You can't have an economy with 9 million people on benefits and huge levels of immigrants coming in. I mean, the UK has been colonised. It's costing too much money."
Sir Jim Ratcliffe accused immigrants of colonising Britain and said rising benefit numbers and immigration are costly, provoking public outrage. His Ineos group is loss-making and has sought government grants and loan guarantees worth about £800m from UK and EU sources to support refineries and chemicals plants during an industry downturn. Ineos recently secured £120m to support the Grangemouth petrochemical site, following up to £70m of prior aid, a £75m government-backed loan guarantee, and £30m of Ineos investment. Ratcliffe shifted tax residency to Monaco in 2020, is estimated to be worth about £17bn, and is seeking further public support for a proposed Manchester United stadium.
Read at www.theguardian.com
Unable to calculate read time
Collection
[
|
...
]