The Labour Party chair has said Sir Jim Ratcliffe loses “the moral high ground” by making statements about the UK while living in tax exile.

Speaking to Sunday with Laura Kuenssberg, Bridget Phillipson said she would take the billionaire businessman’s comments that the UK was “on the slide” with a “pinch of salt”.

Sir Jim, the founder of petrochemical giant Ineos and Manchester United’s co-owner, told the BBC he has lost confidence in the UK due to a combination of high taxes and high immigration.

He has been a tax resident in Monaco since 2020 and said “things would have to get better” in the UK for him to return.

When questioned over the remarks, Phillipson said Sir Jim loses “the moral high ground” by “making these kinds of pronouncements while choosing to make decisions, that he is within his rights to make, to become a tax exile”.

Pushed on whether it bothers her that people who create jobs and pay a lot of tax were leaving the UK, the minister said she was “optimistic about our country’s prospects”.

Other high profile billionaires have left the UK, including including steel tycoon Lakshmi Mittal and most recently the UK’s third biggest taxpayer, hedge-fund boss Chris Rokos.

But, Philipson argued the country was in a good position ahead of the Budget next month, and Andy Burnham has shown a “sense of hope and optimism whilst recognising that many families are still struggling and there is more to do.”

“Of course, there are challenges, including big international headwinds, but I fundamentally believe that we are in a strong position going into this budget because of the decisions taken over the last two years, and I believe our country’s best days lie ahead of us,” she said.

Philipson declined to speculate over whether there would be tax rises in the Budget on 28 October, and said the government remained committed to being disciplined about its spending rules.

Sir Jim, whose wealth is estimated to be about £15bn, also criticised the government for failing to invest further in North Sea oil and gas, claiming it amounted to “insanity”.

“You would expect [the government] to exploit our natural resources and we’re clearly not doing that. We’re shutting it down.

“If you tax everybody to death, they’re all going to leave. And that’s what’s happening,” he added.

Sir Jim’s company, Ineos, operates the Forties pipeline which transports about 30% of the UK’s North Sea oil.

The government spokesperson said that oil and gas would play an important role in the UK “for decades to come”, but they added: “The transition to homegrown clean power is the only way to deliver energy and financial security for families and businesses.”