Ryanair CEO Warns UK Economy Doomed Without Tax Cuts Amid Labour Policy Criticism

Ryanair CEO Michael O’Leary has sharply criticized UK Chancellor Rachel Reeves’ economic policies, warning that the UK economy is "doomed to fail" unless significant tax reductions are implemented. He specifically condemned the increase in Air Passenger Duty (APD), urging its removal for non-London airports to stimulate tourism growth and economic expansion. O’Leary argued that taxing wealth and air travel stifles growth and investment, predicting that continued tax hikes will drive capacity and jobs away to lower-tax countries like Sweden and Italy. Despite Ryanair’s strong financial performance, including record profits and passenger numbers, O’Leary expressed little faith in the current Labour government’s strategy, accusing it of ignoring the needs of ordinary families while imposing burdensome taxes. He warned that wealthy individuals are fleeing London in anticipation of further tax measures, such as a mansion tax, and contended that the government’s approach risks long-term economic decline. Overall, O’Leary called for selective tax cuts as the necessary path to revive the UK economy and prevent further erosion of its competitiveness.