Keir Starmer's new billionaire backer Jim Ratcliffe brands Labour's Net Zero policy 'absurd' and warns stopping North Sea drilling will just mean UK importing energy

Billionaire businessman Sir Jim Ratcliffe has branded Labour's Net Zero plans as 'absurd' - just days after he publicly backed Sir Keir Starmer's party.

Sir Jim, the owner of petrochemicals giant Ineos and Britain's fourth-richest man, warned against Labour's plan to phase out North Sea oil and gas.

He said it would just see the UK having to import energy, which would do 'absolutely nothing for the climate'.

The 71-year-old, who owns minority stake in Manchester United, also lashed out at Labour's pledge to decarbonise the UK's electricity grid by 2030.

'What is left of UK manufacturing is definitely going to die that day,' he said of Labour's end-of-decade deadline.

Sir Jim was fiercely critical of Labour's plans despite having publicly thrown his weight behind Sir Keir's party ahead of the general election on 4 July.

He this week said Brits have 'had enough' of the Tories and are 'ready for change', while he added Sir Keir would do a 'very sensible job' as PM.

The Labour leader was last month pictured with Sir Jim at Manchester United's match against Arsenal, the team that Sir Keir supports.

Speaking at The Times CEO summit in London yesterday, Sir Jim delivered a public rebuke of Labour's Net Zero plans.

As well as their 2030 deadline for a clean electricity grid, Labour have also pledged not to grant any new licences for North Sea oil and gas drilling.

But Sir Jim said: 'The North Sea will die off. It will become extinct and relatively soon because it is being taxed out of existence.

'Historical analysis will tell you abundant and competitive energy sources are fundamental to a successful economy.

'Growth spurts of economies are correlated to that.'

He added: 'Our energy is four to five times more expensive than the United States. In terms of energy consumption in 2004 the UK was self-sufficient.

'Today we import 40 per cent to 50 per cent of our energy requirements. If we shut down the North Sea, what is that accomplishing for the world and the climate?

'It just means we have to import our energy. Strategically we become more vulnerable.

'We pay more money for our energy. And we have done absolutely nothing for the climate because we have to get our energy from somewhere else.'

Asked about his view on Labour's 2030 deadline for a decarbonised UK electricity supply, Sir Jim replied: 'That's absurd. Where's it all going to come from?

'Think about how we make our electricity in the UK. It's from hydrocarbons, that is gas.

'Or from nuclear. Or from renewables, and that is wind because there is not enough sunshine for solar.

'If you are going to decarbonise that means you have to take gas away. Gas is fundamentally important for your electricity supply because the wind doesn't blow every day.

'You can't just operate your hospitals on a windy day. When the wind isn't blowing we have to switch on our gas-fired power stations.

'We have nine nuclear power stations in the UK and eight of them are scheduled to close by 2030.

'And we are not doing terribly well on building new nuclear power stations because it takes ten to 15 years.

'So in 2030 we have no gas, nuclear is shut down, and you have wind, which isn't consistent. You cannot run an economy on wind.

'Are you going to shut all the factories down every other week? What is left of UK manufacturing is definitely going to die that day.'