The UK risks blackouts if Ed Miliband continues “squeezing the life out of” the North Sea energy industry, Sir Jim Ratcliffe has warned in the Daily Telegraph.
The Ineos boss criticised the 78% tax rate imposed on oil and gas profits, arguing it’s discouraging investment and putting national energy security at risk.
Ratcliffe said January’s cold snap brought the country close to blackouts, with emergency alerts issued by the National Grid when wind power fell and gas reserves ran low.
By contrast, he pointed to the US, where oil and gas companies face lower tax rates and a more supportive regulatory environment.
The UK, he warned, is now heavily reliant on imported energy, leaving it vulnerable and exposed.