Obtain free UK vitality updates

We’ll ship you a myFT Every day Digest e-mail rounding up the newest UK vitality information each morning.

Sir Jim Ratcliffe has described UK vitality coverage as “crap” in his newest criticism of the nation’s enterprise atmosphere. 

The billionaire proprietor of the Ineos chemical compounds group accused the British authorities of ignoring scientists by banning fracking, and of deterring funding in North Sea oil and fuel by windfall taxes. 

“Whether or not we prefer it or not, we can not survive with out hydrocarbons as that’s 85 per cent of our vitality base within the UK,” he stated. Authorities knowledge places this determine at 75 per cent.

“Power coverage is complicated, however it’s not rocket science [ . . .] You aren’t going to have the ability to energy the entire of the UK on wind.”

In contrast, he stated, the US had “bought most of it proper” when it comes to vitality coverage, having saved costs low — together with by exploiting its personal sources. 

“Having aggressive vitality is critically essential if you need individuals to proceed to spend money on your manufacturing base,” he added.

Ratcliffe, who additionally confirmed he’s nonetheless within the operating to purchase Manchester United, was talking at an occasion in London to advertise a brand new ebook about Ineos — Grit, Rigour & Humour — marking the corporate’s twenty fifth anniversary.

And this week he has already accused British regulator the Competitors and Markets Authority of changing into “more and more hostile to enterprise” after it blocked Ineos’s deal to purchase Swiss firm Sika’s concrete components enterprise.

“Its perspective is mirrored within the lack of presidency assist for manufacturing; whether or not in opinions comparable to this, or in our uncompetitive strategy to vitality coverage,” he stated on Tuesday.

Ratcliffe based Ineos in 1998 with co-owners Andy Currie and John Reece, snapping up property from BP, ICI and others to develop it into one of many world’s largest chemical compounds enterprise.

It additionally owns oil and gasfields within the North Sea and within the US, and invested closely in making an attempt to develop fracking in Britain earlier than the method was banned in 2019 due to issues about earthquake threat.

The group has expanded into consumer-facing companies in recent times, comparable to creating the off-road Grenadier 4×4 automobile, and shopping for up soccer membership OGC Good, amongst different sports activities pursuits, and clothes model Belstaff.

Ineos is now vying with Sheikh Jassim bin Hamad al-Thani, the Qatari businessman, to purchase Manchester United from the Glazer household.

“There’s nonetheless a course of; we’re within the course of,” Ratcliffe stated on Wednesday. “However on the finish of the day it’s their choice.

“We’d nonetheless very a lot love to do it and we’d do it for the correct causes.”