Sir Jim Ratcliffe scolds Tories over handling of economy and immigration after Brexit | Politics News

Industrial magnate Sir Jim Ratcliffe, in a candid conversation with Sky News, expressed his inclination towards a shift in Britain’s political leadership, criticizing the Tory party for their post-Brexit governance, particularly in areas of economy and immigration.

Despite his company INEOS’s stance of political neutrality, Sir Jim, who supported the exit from the EU, revealed he spent the past weekend at Manchester United with Labour leader Sir Keir Starmer, signalling his interest in the latter’s leadership capabilities.

“I firmly believe in Keir’s capacity to manage the country effectively,” Sir Jim commented during an exclusive interview.

“It’s evident the Conservatives have had ample opportunity,” he continued, “and I sense, like many across the nation, that it might be time to welcome new governance.”

Further details: Explore Sir Jim’s vision to conquer a British challenge not yet achieved

Sir Jim, once a vocal supporter of the 2016 decision to leave the EU, now voices dissatisfaction with the way the Conservative Prime Ministers have executed Brexit, particularly concerning immigration.

“The primary driver of the Brexit vote was generally the issue of immigration,” Sir Jim mentioned.

He remarked on the unsustainable immigration levels, comparing them to the population of Southampton and noting how such influxes strain services like the National Health Service and transportation.

“The frameworks in this country were designed for fewer people. Now with the surge to 70 million inhabitants, these services are inevitably overwhelmed.”

He predicts these concerns will catalyze a switch in the government.

Tune in to Sky News at 8.30am on Sunday morning for the full interview with Sir Jim Ratcliffe on the Trevor Phillips programme.

UK’s Urgent Need for Business Acumen

The present Prime Minister, Rishi Sunak, hints at an impending election, but Sir Jim remains unimpressed with the Conservative fiscal strategies.

“Britain needs to sharpen its approach to business,” Sir Jim pointed out. “Stimulating economic growth should be the prime objective of our government. Our economy splits into services and manufacturing, with the latter unfortunately diminishing over the past quarter-century.

“In comparison with Germany, our manufacturing sector has significantly lagged behind.

“This gap primarily affects Northern England, which relies heavily on manufacturing, and it’s tied to issues such as energy competitiveness and tax policies on North Sea hydrocarbons,” he explained. “Such a high tax burden discourages exploration and production, which is counterintuitive to achieving a vibrant manufacturing sector.”

‘Neutral Political Position’

Addressing questions about INEOS’s financial support for Labour, Sir Jim clarified: “INEOS is politically impartial.”

“Our interest lies in ensuring the success of the UK’s manufacturing industry, and we have communicated this stance clearly to the government,” he added.

Sir Jim also used the opportunity to discuss his recent move in the sports sector, having acquired a significant share in Manchester United from the Glazer family, raising his profile in the business community.

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The iconic Old Trafford stadium in Manchester. Pic: AP

The Initiative for a Northern Powerhouse Stadium

Sir Jim continues his pursuit for investment in Old Trafford and its environs, with an eye on public funding. Despite political resistance, Sir Keir visited the site amid weather challenges that revealed the infrastructure’s fragility.

“I advocate for establishing a Northern power stadium, which would be a boon for the entire region in terms of football excellence,” Sir Jim stated. “Considering the North West’s record for Champions League victories, it’s only logical to host major matches closer to these fans.”

He also emphasized the potential for this project to spark revitalization, particularly on Manchester’s Southern side. “With the right focus and investment, this can be the catalyst for rejuvenating the cradle of the Industrial Revolution,” he concluded.

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