🔗 Share this article Industrial Companies Owned by Tycoon Sir Jim Ratcliffe Obtained As Much As £70m in British Government Support Over the Past Four Years Prior to the recent £50m state rescue package for its Grangemouth facility, industrial firms controlled by tycoon Sir Jim Ratcliffe were already awarded up to £70m in British government support during the previous four-year period. Latest Revelations and Financial Support Based on government disclosures released recently, public funding to the Ineos group in the most recent year was between £16m and £38m. From August 2022 onwards, the conglomerate has obtained between £28m and £70m. The government stepped in this week to provide Ineos with £50m to prop up its Grangemouth operations, concerned that otherwise the UK would lose its sole facility manufacturing ethylene—a critical raw material for plastics. Officials additionally supported a £75m credit guarantee, while Ineos committed to invest £30m of its own funds. Refinery Shutdown and Broader Context This support arrives after Ineos shut down the adjacent oil refinery in late 2024, resulting in the loss of 400 jobs—a move described as a significant setback to the area and a political problem for the government. Ratcliffe, who is worth $14.5bn, is understood to have 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 full-scale invasion of Ukraine. In a sign of growing unease over its ability to manage debt, the credit rating agency lowered Ineos's credit rating in September. Ratcliffe has also been required to invest substantial resources into his off-road vehicle venture and efforts to revitalise Manchester United, in which he holds a minority stake. Nature of Aid and Company Statements Most the previous state aid came in the form of tax relief in return for “commitments to curb consumption and CO2 output.” The value of these tax breaks for Ineos's plants in Grangemouth and Hull are reported as ranges rather than precise figures. An Ineos spokesperson said the aid did not constitute “favourable terms” for the company, but was “awarded against strict criteria, and open to any UK business that meets the requirements.” 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 paid by industrial users. “The answer is NOT decarbonisation by deindustrialisation,” he stated. “Lacking a robust manufacturing base, the economy will continue to decline. Soaring power prices and burdensome carbon levies are driving industry out of the UK at an unsustainable pace.” Speaking elsewhere, Ratcliffe labelled carbon taxes as “the most idiotic tax in the world,” contending they place UK plants at a competitive disadvantage against foreign rivals. It is noted that most chemicals and plastics are not covered from the UK's planned carbon import tax. Future Sustainability Claims The Ineos representative 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 safeguard skilled jobs. The UK chemicals sector has had a very difficult year, yet everyone relies on this industry every day. Should we fail to manufacture these critical products in the UK, they are imported instead, often from more polluting operations abroad.” Colin Pritchard, head of sustainability for the company's chemicals unit, indicated the new funding would be used to improve energy efficiency, reduce carbon emissions, and boost plant performance. He explained the site, which uses an ethylene cracker running on North Sea gas and imported liquefied petroleum gas, had been under “intense strain” from surging energy costs and the UK's carbon taxes. Records show that Ineos has previously received 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.