🔗 Share this article Chemical Companies Controlled by Billionaire Jim Ratcliffe Obtained As Much As £70m in UK Government Support Over the Last Four-Year Period Before the recent £50m government bailout for its Scottish plant, chemical companies under the ownership of billionaire Jim Ratcliffe were already awarded as much as £70m in British government support over the past four years. Latest Revelations and Bailout Package Based on government disclosures published this week, state aid to the Ineos group in the last year alone was between £16m and £38m. Since August 2022, the conglomerate has received between £28m and £70m. The government stepped in this week to grant Ineos with £50m to support its Scottish ethylene plant, concerned that otherwise the UK would cease to have its last remaining facility producing ethylene—a vital raw material for plastics. Officials additionally supported a £75m credit guarantee, while Ineos pledged to invest £30m of its own funds. Refinery Shutdown and Wider Challenges This intervention comes after Ineos closed the adjacent oil refinery in late 2024, costing 400 jobs—a move described as a huge blow to the area and a challenge for the government. Ratcliffe, who is worth $14.5bn, is understood to have asked for government help in October. The request coincides with the expansive Ineos group, under the control of the 73-year-old, has been under significant financial pressure, partly due to soaring energy costs in the wake of Russia's full-scale invasion of Ukraine. In a sign of growing unease over its ability to manage debt, Fitch Ratings lowered Ineos's credit rating in September. Ratcliffe has also been required to invest substantial resources into his Ineos Grenadier automotive project and efforts to revitalise the football club, in which he holds a partial ownership. Nature of Aid and Company Statements Most the previous state aid came in the form of tax breaks in return for “commitments to reduce energy use and CO2 output.” The value of these tax breaks for Ineos's sites in Grangemouth and Hull were given as estimates rather than exact amounts. An Ineos representative stated the aid did not constitute “special treatment” for the company, but was “granted based on strict criteria, and available to any UK business that qualifies.” Although Ratcliffe thanked the government for the £50m support in an announcement, Ineos also released more critical comments. In these, the billionaire launched a broadside against government policy, including carbon taxes levied on industrial users. “The answer is NOT decarbonisation by deindustrialisation,” Ratcliffe wrote. “Without a strong manufacturing base, the economy will continue to decline. Soaring power prices and punitive carbon charges are pushing industry out of the UK at an alarming rate.” Speaking elsewhere, Ratcliffe described carbon taxes as “an extremely foolish levy in the world,” arguing they put UK plants at a competitive disadvantage against international competitors. Currently, most chemicals and plastics are excluded from the UK's initial carbon border adjustment mechanism. Investment and Environmental Pledges The Ineos spokesperson further stated: “Ineos has invested over £400m at Grangemouth in the last five years to keep it as one of the most efficient chemical plants in Europe and to protect skilled jobs. The UK chemicals sector has had a brutal year, yet everyone relies on this industry every day. If we don't produce these essential materials in the UK, they are imported instead, often from higher-carbon production abroad.” A senior Ineos executive, head of sustainability for the company's Olefins & Polymers division, said the Grangemouth money would be used to improve energy efficiency, cut carbon emissions, and boost overall performance. He explained the site, which uses an ethylene cracker running on North Sea gas and imported liquefied petroleum gas, had been under “extreme pressure” from rocketing energy costs and the UK's carbon taxes. Records show that Ineos has in the past obtained significant tax breaks from the EU, valued at hundreds of millions of euros—interestingly while Ratcliffe was a leading supporter of the campaign for the UK to leave the EU.