Industrial Companies Owned by Billionaire Jim Ratcliffe Obtained Up to £70m in British Government Support Over the Past Four Years

Prior to the recent £50m government bailout for its Scottish plant, chemical companies controlled by billionaire Sir Jim Ratcliffe had already been granted as much as £70m in British government support over the past four years.

Latest Disclosures and Financial Support

According to government disclosures released recently, 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 a total of £28m and £70m.

The government stepped in this week to provide Ineos with £50m to prop up its Scottish ethylene plant, fearing that otherwise the UK would cease to have its sole facility manufacturing ethylene—a vital feedstock for plastics. Officials additionally supported a £75m credit guarantee, while Ineos pledged to invest £30m of its private capital.

Refinery Shutdown and Wider Challenges

This support comes following 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 political problem for the government.

Ratcliffe, who is worth $14.5bn, is understood to have requested government help in October. The request coincides with the wide-ranging Ineos group, controlled by the 73-year-old, has faced significant financial pressure, in part due to sharply increased energy costs following Russia's 2022 invasion of Ukraine.

Reflecting increasing concern over its financial health, Fitch Ratings lowered Ineos's credit rating in September. Ratcliffe has also had to commit significant funds 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 earlier government support was delivered in the form of tax relief in exchange for “voluntary agreements to curb consumption and carbon dioxide emissions.” Figures for these relief schemes for Ineos's sites in Grangemouth and Hull are reported as ranges rather than exact amounts.

An Ineos representative stated the aid did not represent “special treatment” for the company, but was “granted based on strict criteria, and open to any UK business that qualifies.”

While Ratcliffe publicly welcomed the £50m support in an official statement, Ineos also released sharper remarks. In these, the billionaire strongly criticised government policy, specifically carbon taxes levied on industrial users.

“The solution is not decarbonisation by deindustrialisation,” he stated. “Lacking a robust 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 labelled carbon taxes as “an extremely foolish levy in the world,” contending they put UK plants at a disadvantage against international competitors. It is noted that most chemicals and plastics are excluded from the UK's initial carbon border adjustment mechanism.

Investment and Sustainability Claims

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. The UK chemicals sector has had a brutal year, yet society depends on this industry every day. If we don't produce these essential materials in the UK, they are brought in from overseas, often from more polluting operations abroad.”

Colin Pritchard, head of sustainability for the company's chemicals unit, indicated 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 rocketing energy costs and the UK's carbon taxes.

It has also been reported that Ineos has in the past obtained significant 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.