Sir Jim Ratcliffe, the billionaire founder of Ineos and Manchester United co-owner, has said he has lost confidence in the UK economy, citing high taxes and immigration. In a BBC interview, he called the failure to invest further in North Sea oil and gas 'insanity' and warned that low gas storage levels could lead to supply shortages this winter. Ratcliffe spoke at the launch of the EU's first carbon capture and storage system in Denmark, a project Ineos has invested in. He criticized the UK for not providing enough government support for CCS, despite the government committing £21.7bn over 25 years. The UK has no operational CCS projects yet. The government responded by defending its energy policy, saying it is confident in supply security and that the transition to clean power is the only way to deliver long-term energy security. The decisions on the Rosebank and Jackdaw oil fields remain pending, with political pressure growing to approve them for jobs and tax revenues.
