Britain’s richest man is leaving the country in favour of Monaco, the Telegraph can disclose.

Sir Jim Ratcliffe, the petrochemical engineer who was named the UK’s wealthiest individual and was knighted earlier in the summer, has decided to move to the Principality.

It is understood that the two other senior executives at Ineos, Andy Currie and John Reece, have also decided to move with him. His company will remain "headquartered" in London.

The reasons behind the relocation are not known although Monaco is well known as a tax haven and Sir Jim owns a large property on the French riviera.

The billionaire, who owns a majority stake in Ineos, has also failed in a legal bid to overturn Scotland's ban on shale gas fracking and has previously complained about Britain's restrictive business and tax environment.

The decision to relocate to Monaco may be seen as a blow for Theresa May as the businessman is a high-profile supporter of Brexit and has recently begun snapping up well-known British brands including Belstaff and developing plans for a "spiritual successor" to the discontinued Landrover Defender.