🔗 Share this article Industrial Companies Controlled by Billionaire Sir Jim Ratcliffe Received Up to £70m in British Government Support Over the Past Four Years Prior to the recent £50m government bailout for its Scottish plant, industrial firms under the ownership of tycoon Sir Jim Ratcliffe had already been granted as much as £70m in UK state aid during the previous four-year period. Recent Disclosures and Bailout Package Based on official data published recently, public funding to the Ineos group in the last year alone was between £16m and £38m. Since August 2022, the company has obtained a total of £28m and £70m. The government stepped in on Tuesday to provide Ineos with £50m to support its Grangemouth operations, concerned that otherwise the UK would cease to have its sole facility producing ethylene—a vital raw material for plastics. Officials additionally supported a £75m loan guarantee, while Ineos pledged to invest £30m of its private capital. Refinery Shutdown and Wider Challenges This intervention arrives following Ineos closed the neighbouring oil refinery in September 2024, resulting in the loss of 400 jobs—a move described as a huge blow to the area and a challenge for the government. Ratcliffe, who is worth $14.5bn, reportedly asked for government assistance in October. This appeal coincides with the wide-ranging Ineos group, under the control of the 73-year-old, has been under considerable economic strain, partly due to soaring energy costs following Russia's full-scale invasion of Ukraine. In a sign of increasing concern over its financial health, the credit rating agency lowered Ineos's debt rating in September. Ratcliffe has also been required to invest substantial resources into his off-road vehicle venture and the turnaround of the football club, in which he holds a minority stake. Nature of Aid and Company Statements Most the earlier government support was delivered in the form of tax breaks in return for “commitments to curb consumption and carbon dioxide emissions.” Figures for these tax breaks for Ineos's plants in Grangemouth and Hull were given as estimates rather than precise figures. An Ineos representative stated the aid did not constitute “favourable terms” for the company, but was “awarded against strict criteria, and available to any UK business that meets the requirements.” Although Ratcliffe publicly welcomed the £50m support in an announcement, Ineos separately issued sharper remarks. In these, the industrialist strongly criticised government policy, specifically carbon taxes levied on industrial users. “The answer is NOT decarbonisation by deindustrialisation,” he stated. “Without a strong manufacturing base, the economy will continue to decline. High energy costs and punitive carbon charges are driving 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. It is noted that most chemicals and plastics are excluded from the UK's planned carbon border adjustment mechanism. Future 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 productive chemical plants in Europe and to protect skilled jobs. British industry has had a brutal year, yet society depends on this industry every day. Should we fail to manufacture these essential materials in the UK, they are brought in from overseas, often from higher-carbon production abroad.” Colin Pritchard, 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 upgrade overall performance. He noted the site, which uses an ethylene cracker utilising 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 substantial tax breaks from the EU, valued at hundreds of millions of euros—notably while Ratcliffe was a leading supporter of the campaign for the UK to exit the European Union.