It turns out he was also a huge supporter of Brexit.
Britain’s richest man, Sir Jim Ratcliffe, is reportedly planning on leaving the UK, to set up his home and fortune in Monaco.
The Sunday Times are reporting that the pro-Brexit, pro-fracking billionaire, who was given a knighthood in 2018 for his services to business and investment, has been working with a high-profile accountancy firm on a tax avoidance plan.
Ratcliffe is the founder of petrochemicals empire Ineos and he has an estimated fortune of £21bn.
His move to Monaco would deprive the UK’s Treasury department of between £400m and £4bn.
This would make Ratcliffe one of many pro-Brexit supporters to make the move from the UK, including James Dyson moving his company to Singapore, John Redwood advises investors to put their money outside of Britain, Jacob Rees-Mogg’s firm opening funds in Dublin, and Nigel Lawson seeking French residency.
John McDonnell MP, the shadow chancellor for the UK, told The Guardian that he was “really disappointed” by Ratcliffe’s move to Monaco to save tax:
“I’m amazed, as this is a super-rich person. We’re not talking about someone who is on his uppers or something like that. For every penny that is avoided in this way in taxation, what does that mean?
“It means actually the NHS doesn’t treat patients as well as they could, it means our children don’t get the full investment in their education and it means less safety on our streets. I just appeal to people like this, this is a great country to live in, just make your contribution like the rest of us.”
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