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Billionaire Sir Jim Ratcliffe has told Sky News that Britain is ready for a change of government after scolding the Conservatives over their handling of the economy and immigration after Brexit.

While insisting his petrochemicals conglomerate INEOS is apolitical, Sir Jim backed Brexit and spent last weekend with Labour leader Sir Keir Starmer at Manchester United – the football club he now runs as minority owner.

“I’m sure Keir will do a very good job at running the country – I have no questions about that,” Sir Jim said in an exclusive interview.

“There’s no question that the Conservatives have had a good run,” he added. “I think most of the country probably feels it’s time for a change. And I sort of get that, really.”

Read more: Sir Jim’s mission to succeed at ‘the one challenge the UK has never brought home’

Sir Jim was a prominent backer of leaving the European Union in the 2016 referendum but now has issues with how Brexit was delivered by Tory prime ministers.

“Brexit sort of unfortunately didn’t turn out as people anticipated because… Brexit was largely about immigration,” Sir Jim said.

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“That was the biggest component of that vote. People were getting fed up with the influx of the city of Southampton coming in every year. I think last year it was two times Southampton.

“I mean, no small island like the UK could cope with vast numbers of people coming into the UK.

“I mean, it just overburdens the National Health Service, the traffic service, the police, everybody.

“The country was designed for 55 or 60 million people and we’ve got 70 million people and all the services break down as a consequence.

“That’s what Brexit was all about and nobody’s implemented that. They just keep talking about it. But nothing’s been done, which is why I think we’ll finish up with the change of government.”

Watch Sir Jim Ratcliffe’s full interview on the Trevor Phillips on Sunday morning programme on Sky News from 8.30am

UK needs to get ‘sharper on the business front’

Prime Minister Rishi Sunak has indicated an election is due this year but Monaco-based Sir Jim is unimpressed by the Conservatives’ handling of the economy.

“The UK does need to get a bit sharper on the business front,” he said. “I think the biggest objective for the government is to create growth in the economy.

“There’s two parts of the economy, there’s the services side of the economy and there’s the manufacturing side. And the manufacturing, unfortunately, has been sliding away now for the last 25 years.

“We were very similar in scale to Germany probably 25 years ago.

“But today we’re just a fraction of where Germany is and I think that isn’t healthy for the British economy… particularly when you think the north of England is very manufacturing based, and that talks to things like energy competitiveness, it talks to things like, why do you put an immensely high tax on the North Sea?

“That just disincentivises people from finding hydrocarbons in the North Sea, in energy.

“And what we need is competitive energy. So I mean, in America, in the energy world, in the oil and gas world, they just apply a corporation tax to the oil and gas companies, which is about 30%. And in the UK we’ve got this tax of 75% because we want to kill off the oil and gas companies.

“But if we don’t have competitive energy, we’re not going to have a healthy manufacturing industry. And that just makes no sense to me at all. No.”

‘We’re apolitical’

Asked about INEOS donating to Labour, Sir Jim replied: “We’re apolitical, INEOS.

“We just want a successful manufacturing sector in the UK and we’ve talked to the government about that. It’s pretty clear about our views.”

Sir Jim was keener to talk about the economy and politics than his role at struggling Manchester United, which he bought a 27.7% stake in from the American Glazer family in February – giving him an even higher business profile.

Old Trafford stadium in Manchester. Pic: AP
Image:
Old Trafford stadium in Manchester. Pic: AP

Push for stadium of the North

He is continuing to push for public funds to regenerate Old Trafford and the surrounding areas despite no apparent political support being forthcoming. Sir Keir was hosted at the stadium for a Premier League match last weekend just as heavy rain exposed the fragility of the ageing venue.

“There’s a very good case, in my view, for having a stadium of the North, which would serve the northern part of the country in that arena of football,” Sir Jim said. “If you look at the number of Champions League the North West has won, it’s 10. London has won two.

“And yet everybody from the North has to get down to London to watch a big football match. And there should be one [a large stadium] in the North, in my view.

“But it’s also important for the southern side of Manchester, you know, to regenerate.

“It’s the sort of second capital of the country where the Industrial Revolution began.

“But if you have a regeneration project, you need a nucleus or a regeneration project and having that world-class stadium there, I think would provide the impetus to regenerate that region.”

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Binance co-founder Changpeng Zhao to advise Kyrgyzstan on blockchain tech

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Binance co-founder Changpeng Zhao to advise Kyrgyzstan on blockchain tech

Binance co-founder Changpeng Zhao to advise Kyrgyzstan on blockchain tech

Former Binance CEO Changpeng “CZ” Zhao will begin advising the Kyrgyz Republic on blockchain and crypto-related regulation and tech after signing a memorandum of understanding with the country’s foreign investment agency.

“I officially and unofficially advise a few governments on their crypto regulatory frameworks and blockchain solutions for gov efficiency, expanding blockchain to more than trading,” the crypto entrepreneur said in an April 3 X post, adding that he finds this work “extremely meaningful.”

His comments came in response to an earlier X post from Kyrgyzstan President Sadyr Zhaparov announcing that Kyrgyzstan’s National Investment Agency (NIA) had signed a memorandum with CZ to provide technical expertise and consulting services for the Central Asian country.

The NIA is responsible for promoting foreign investments and assisting international companies in identifying business opportunities within the country.

Binance co-founder Changpeng Zhao to advise Kyrgyzstan on blockchain tech

Source: Changpeng Zhao

“This cooperation marks an important step towards strengthening technological infrastructure, implementing innovative solutions, and preparing highly qualified specialists in blockchain technologies, virtual asset management, and cybersecurity,” Zhaparov said.

The Kyrgyzstan president added: “such initiatives are crucial for the sustainable growth of the economy and the security of virtual assets, ultimately generating new opportunities for businesses and society as a whole.”

Kyrgyzstan, which officially changed its name from the Republic of Kyrgyzstan to the Kyrgyz Republic in 1993, is a mountainous, land-locked country.

It is considered well-suited for crypto mining operations due to its abundant renewable energy resources, much of which is underutilized.

Over 30% of Kyrgyzstan’s total energy supply comes from hydroelectric power plants, but only 10% of the country’s potential hydropower has been developed, according to a report by the International Energy Agency.

CZ has met with several other state officials in Asia

Malaysia also recently tapped CZ for guidance on crypto-related matters, with Prime Minister Anwar Ibrahim meeting him personally in January.

CZ has also met with officials in the UAE and Bitcoin-stacking country Bhutan — however, it isn’t clear what those meetings entailed.

Related: Is Bitcoin’s future in circular economies or national reserves?

CZ’s latest pursuits come a little over six months after he was released from a four-month prison sentence in the US for violating several anti-money laundering laws.

Since being released, CZ has made investments in blockchain tech, artificial intelligence and biotechnology companies.

CZ also recently donated 1,000 BNB (BNB) — worth almost $600,000 — to support earthquake relief efforts in Thailand and Myanmar after the natural disaster in late April.

Magazine: Financial nihilism in crypto is over — It’s time to dream big again

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Trump has acted for his country, I will act in Britain’s interests, says Starmer

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Trump's tariffs are about something more than economics: power

Donald Trump has acted for his country and I will act in Britain’s interests, Sir Keir Starmer has said after the US president imposed 10% tariffs on UK goods.

The prime minister told business chiefs at an early morning meeting in Downing Street: “Last night the president of the United States acted for his country, and that is his mandate.

“Today, I will act in Britain’s interests with mine.”

Politics latest: Starmer says UK will react to tariffs with ‘cool and calm head’

Mr Trump announced sweeping tariffs on countries around the world, with the UK getting off relatively lightly with 10% tariffs – branded “kind reciprocal” by the president – compared with China, which will have to pay 54% tariffs and 20% for the EU.

A previously announced 25% tariff on British car imports to the US came into effect at 5am on Thursday.

Sir Keir said the government is moving “to the next stage of our plan” after negotiations failed to fend off any tariffs ahead of Wednesday’s announcement.

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He promised any decisions “will be guided only by our national interest, in the interests of our economy, in the interests of businesses around this table, in the interests of putting money in the pockets of working people”.

Keir Starmer hosts a meeting with business leaders in 10 Downing Street following the announcement of tariffs by US President Donald Trump.
Pic: Simon Dawson/No 10 Downing Street
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Sir Keir Starmer hosted business leaders in Downing Street on Thursday morning. Pic: Simon Dawson/No 10 Downing Street

“Clearly, there will be an economic impact from the decisions the US has taken, both here and globally,” he told the business leaders.

“But I want to be crystal clear: we are prepared, indeed one of the great strengths of this nation is our ability to keep a cool head.”

Business Secretary Jonathan Reynolds told the Commons on Thursday the government is considering retaliatory measures and requested British businesses let him know what the tariff implications will be for them.

An “indicative list of potential products” that could be targeted was later published, with 8,364 categories covering about 27% of UK imports from the US.

Earlier, Mr Reynolds told Wilfred Frost on Sky News Breakfast his “job is not done” when it comes to negotiating a trade deal

Mr Reynolds refused to say if the tariffs might cause a global recession and said the UK has safeguards in place to ensure it is not flooded with goods that would have gone to other countries.

“We’ll take any powers we need to protect the British people and the British economy from that,” he said.

“What we have directly within our power, alongside that is, of course, the ability to negotiate a better deal in the national interest for the UK. That’s been our approach to date and we’ll continue with that.”

Read more:
World reacts to Trump’s tariff announcement
Tariffs will have consequences for globalisation, the US economy and geopolitics
Trump’s tariffs explained

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Moment Trump unveils tariffs chart

UK will be template for other nations’ deals

The business secretary also suggested if the UK is successful in negotiating a deal with the US “there’ll be a template there” for other countries to “resolve some of these issues”.

He reiterated statements he and the PM have made over the past few days as he said: “America is a friend, America’s our principal ally.

“Our relationship is an incredibly strong economic one, but also a security one, a political one as well.”

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Sky’s Ed Conway examines how economies across the world are impacted by tariffs

Government ‘very slow’ to start talks

Conservative shadow home secretary Chris Philp told Sky News the government had been “very slow” to start negotiating a free trade agreement with the US, and they should have started when Mr Trump was elected in November, even though he did not get sworn in until the end of January.

He said the UK being hit by a lower tariff than the EU was “one of the benefits of Brexit”.

However, he said the 25% tariff on car exports to the US is “very, very serious” and the global impact is “bad news for our economy”.

Relief in Westminster – but concessions to Trump to come

It has been quite a rollercoaster for the government, where they went from the hope that they could avoid tariffs, that they could get that economic deal, to the realisation that was not going to happen, and then the anticipation of how hard would the UK be hit.

In Westminster tonight, there is actual relief because the UK is going to have a 10% baseline tariff – but that is the least onerous of all the tariffs we saw President Trump announce.

He held up a chart of the worst offenders, and the UK was well at the bottom of that list.

No 10 sources were telling me as President Trump was in the Rose Garden that while no tariffs are good, and it’s not what they want, the fact the UK has tariffs that are lower than others vindicates their approach.

They say it’s important because the difference between a 20% tariff and a 10% tariff is thousands of jobs.

Where to next? No 10 says it will “keep negotiating, keep cool and calm”, and reiterated Sir Keir Starmer’s desire to “negotiate a sustainable trade deal”.

“Of course want to get tariffs lowered. Tomorrow we will continue with that work,” a source added.

Another source said the 10% tariff shows that “the UK is in the friendlies club, as much as that is worth anything”.

Overnight, people will be number-crunching, trying to work out what it means for the UK. There is a 25% tariff on cars which could hit billions in UK exports, in addition to the blanket 10% tariff.

But despite this being lower than many other countries, GDP will take a hit, with forecasts being downgraded probably as we speak.

I think the government’s approach will be to not retaliate and try to speed up that economic deal in the hope that they can lower the tariffs even further.

There will be concessions. For example, the UK could lower the Digital Services Tax, which is imposed on the UK profits of tech giants. Will they loosen regulation on social media companies or agricultural products?

But for now, there is relief the UK has not been hit as hard as many others.

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Trump’s tariffs will have an impact before too long – but how will the UK respond?

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Trump's tariffs will have an impact before too long – but how will the UK respond?

The list has landed.

More than 400 pages of thousands of goods that could be affected by reciprocal tariffs against the US.

Everything from fresh domestic ducks to sea-going dredgers makes the cut; most symbolic, however, are iconic American items like jeans, motorcycles and whiskey.

Would Donald Trump stand for a levy on Levi’s? It’s not the first time this battle has played out.

When the US president announced tariffs on steel and aluminium in his first term, the EU responded with its own – including a symbolic 25% tax on American whiskey.

At the time, the UK, then an EU member, followed suit.

But as the UK tries to carve its own path outside the bloc, vindicated by the baseline 10% tariffs imposed instead of the EU’s rate of 20%, the aim is to avoid retaliation.

The government want us to know “all options are on the table” – but that is not how they want this to play out.

“This is not a short-term tactical exercise,” the prime minister said this morning.

Despite the business secretary’s best efforts during his recent trip to Washington to try to secure a UK tariffs carveout, no deal was reached in time.

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How will tariffs hit working people?

Mr Trump wanted his big bang, board brandishing moment; carveouts for certain countries would have softened the impact of his speech.

But with 90-plus countries on the tariff billboard, how far along the queue is any UK deal?

And how much are we willing to give? Will the sensitive subject of chlorinated chicken be on the table? What of the agreement to cut taxes on big tech companies that Mr Trump wants?

Lots of questions. The day after the surreal night before is too soon to know all the answers, but this is about politics as much as it is about economics.

Read more:
There were no winners from Trump’s tariff gameshow
Do Trump’s numbers on tariffs really add up?

As the prime minister launched Labour’s local election campaign in Derbyshire today, he talked about potholes, high streets and school meals. Every question I heard was about tariffs.

Decisions made across the Atlantic are looming large. Tariffs may not directly sway many votes in the local elections, but the consequences for Rachel Reeves’s fiscal headroom and the amount of money she has to spend, or save, will have an impact before too long.

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