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

Prior to this week's £50m government bailout for its Scottish plant, chemical companies under the ownership of tycoon Sir Jim Ratcliffe were already awarded up to £70m in UK state aid over the past four years.

Latest Revelations and Bailout Package

Based on official data published recently, state aid to the Ineos group in the last year alone was between £16m and £38m. Since August 2022, the conglomerate has obtained between £28m and £70m.

The government stepped in on Tuesday to provide Ineos with £50m to support its Scottish ethylene plant, concerned that otherwise the UK would lose its sole facility producing ethylene—a vital raw material for plastics. The government also backed a £75m loan guarantee, while Ineos pledged to invest £30m of its private capital.

Plant Closure and Wider Challenges

This support comes after Ineos shut down the neighbouring oil refinery in late 2024, costing 400 jobs—a move described as a significant setback 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. This appeal comes at a time when the expansive Ineos group, under the control of the 73-year-old, has faced considerable economic strain, in part due to soaring energy costs in the wake of Russia's 2022 invasion of Ukraine.

In a sign of growing unease over its ability to manage debt, the credit rating agency lowered Ineos's debt rating in September. Ratcliffe has also been required to invest significant funds into his off-road vehicle venture 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 was delivered in the form of tax breaks in return for “commitments to curb consumption and CO2 output.” The value of these tax breaks for Ineos's sites in Grangemouth and Hull are reported as ranges rather than precise figures.

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

Although Ratcliffe publicly welcomed the £50m support in an official statement, Ineos also released sharper remarks. In these, the billionaire strongly criticised 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 falter. 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 “the most idiotic tax 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 import tax.

Future Environmental Pledges

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 protect skilled jobs. British industry has had a very difficult year, yet everyone relies on this industry every day. If we don't produce these critical products in the UK, they are brought in from overseas, often from higher-carbon production abroad.”

Colin Pritchard, head of sustainability for the company's chemicals unit, said the Grangemouth money would be used to enhance energy efficiency, cut carbon emissions, and upgrade overall 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 substantial tax breaks from the EU, worth hundreds of millions of euros—notably while Ratcliffe was a leading supporter of the campaign for the UK to exit the European Union.