Chemical Companies Controlled by Tycoon Jim Ratcliffe Obtained As Much As £70m in British Government Support In the Past Four Years

Prior to this week's £50m state rescue package for its Scottish plant, industrial firms under the ownership of tycoon Jim Ratcliffe were already awarded up to £70m in UK state aid over the past four years.

Latest Revelations and Bailout Package

According to official data released this week, public funding to Ratcliffe's chemical empire in the most recent year ranged from £16m and £38m. From August 2022 onwards, the company has received between £28m and £70m.

The government stepped in on Tuesday to grant Ineos with £50m to prop up its Scottish ethylene plant, fearing that without it the UK would lose its sole facility producing ethylene—a vital feedstock for plastics. Officials additionally supported a £75m credit guarantee, while Ineos pledged to invest £30m of its own funds.

Plant Closure and Broader Context

This support comes after Ineos closed the neighbouring oil refinery in late 2024, costing 400 jobs—a move described as a huge blow to the local community and a challenge for the government.

The billionaire, with an estimated net worth of $14.5bn, reportedly requested government assistance in October. This appeal comes at a time when the expansive Ineos group, controlled by the 73-year-old, has faced considerable economic strain, partly due to sharply increased energy costs following Russia's 2022 invasion of Ukraine.

In a sign of growing unease over its financial health, Fitch Ratings downgraded Ineos's debt rating in September. Ratcliffe has also had to commit substantial resources into his Ineos Grenadier automotive project and efforts to revitalise Manchester United, in which he holds a minority stake.

Form of Support and Official Responses

The majority of the earlier government support was delivered in the form of tax breaks in return for “commitments to reduce energy use and carbon dioxide emissions.” Figures for these tax breaks for Ineos's plants in Grangemouth and Hull were given as estimates rather than exact amounts.

An Ineos spokesperson stated the aid did not represent “special treatment” for the company, but was “awarded against strict criteria, and open 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 industrialist launched a broadside against government policy, specifically carbon taxes paid by industrial users.

“The answer is NOT decarbonisation by deindustrialisation,” Ratcliffe wrote. “Lacking a robust manufacturing base, the economy will continue to decline. Soaring power prices and punitive carbon charges are pushing industry out of the UK at an unsustainable pace.”

Speaking elsewhere, Ratcliffe described carbon taxes as “the most idiotic tax in the world,” contending they place UK plants at a disadvantage against foreign rivals. Currently, most chemicals and plastics are not covered from the UK's planned carbon import tax.

Investment and Sustainability Claims

The Ineos spokesperson further stated: “Ineos has invested over £400m at Grangemouth in the last five years to maintain its status as one of the most efficient chemical plants in Europe and to safeguard skilled jobs. The UK chemicals sector has had a very difficult 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.”

A senior Ineos executive, head of sustainability for the company's chemicals unit, said the Grangemouth money would be used to improve energy efficiency, cut carbon emissions, and upgrade plant performance.

He noted the site, which uses an processing unit utilising North Sea gas and US-sourced liquefied petroleum gas, had been under “extreme pressure” from surging energy costs and the UK's carbon taxes.

It has also been reported that Ineos has previously received substantial tax breaks from the EU, valued at hundreds of millions of euros—notably while Ratcliffe was a prominent backer of the campaign for the UK to leave the EU.