Billionaire Ineos founder and Manchester United owner Sir Jim Ratcliffe has called failing to invest in North Sea oil and gas "insanity".
In an interview with the BBC, Sir Jim said the UK was "on the slide", blaming high taxes and immigration for him losing confidence in the country.
Sir Jim made the comments at the launch of the EU's first carbon capture and storage system (CCS), a scheme subsidised by the Danish government and EU in which Ineos has invested.
Singling out the North Sea, Sir Jim, who is one of Britain's richest people, was highly critical of a failure to capitalise on the region's oil and gas, warning the country could even run out of gas should there be a cold snap this winter.
In response, the BBC reports, the government said it was working to deliver growth and that business investment had increased in the last two years.
A spokesperson said they did not foresee any problems with gas supply: "We have a diverse energy mix and are confident in our security of supply."
Labour Party Chair Bridget 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".
Sir Jim has said "things would have to get better" in the UK in order for him to return, adding that the politics of envy was driving people away from the UK.
He said: "In America they applaud people who create wealth. Unfortunately the UK has got a bit of a green eye towards wealth at the moment."