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Sir Jim, founder of the INEOS chemicals group and part-owner of Manchester United, stated that Britain faces profound political, social and economic challenges.

"You can't have an economy with nine million people on benefits and huge levels of immigrants coming in," he stated in an interview with Sky News. "I mean, the UK has been colonised. It's costing too much money.

"The UK has been colonised by immigrants, really, hasn't it? I mean, the population of the UK was 58 million in 2020, now it's 70 million. That's 12 million people."

The comments were criticised by Prime Minister Sir Keir Starmer, who called for Sir Jim to apologise.

On Thursday, Sir Jim referenced his remarks for the first time, stopping short of fully apologising for the comment, and further highlighting "challenges facing the UK."

“I am sorry that my choice of language has offended some people in the UK and Europe and caused concern, but it is important to raise the issue of controlled and well-managed immigration that supports economic growth.

"My comments were made while answering questions about UK policy at the European Industry Summit in Antwerp, where I was discussing the importance of economic growth, jobs, skills and manufacturing in the UK.

"My intention was to stress that governments must manage migration alongside investment in skills, industry and jobs so that long-term prosperity is shared by everyone. It is critical that we maintain an open debate on the challenges facing the UK.”