INEOS News & Analysis
2 articles
Market Mood
Ineos Owner Sir Jim Ratcliffe Comments on UK Tax Situation
Sir Jim Ratcliffe, co-owner of Manchester United and founder of Ineos, has expressed a lack of confidence in the UK due to high taxes and immigration. As a tax resident in Monaco since 2020, he suggests improvements are necessary for his return. Labour Party chair Bridget Phillipson stated that Ratcliffe's comments undermine his moral position as a tax exile. Despite concerns over wealthy individuals leaving the UK, Phillipson remains optimistic about the country's future ahead of the Budget on October 28, 2023. This context matters for investors as it highlights ongoing fiscal discussions that could impact economic policy.
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Ineos (INEOS) Partners with UK MoD for Light Mobility Vehicles
Ineos Automotive announced a partnership with SMT Defence and NMS UK to deliver vehicles for the U.K.'s Ministry of Defense as part of the 'Team Grenadier' consortium. The Ineos Grenadier 4x4 will serve as the platform for the MoD's Light Mobility Vehicle program. This collaboration is among several recent partnerships in the auto-defense sector due to increased military spending in Europe. Daimler Truck also announced a new offshoot, Daimler Truck Defence, supported by an investment of several hundred million euros to broaden military mobility solutions.
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