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Prior to this week's £50m government bailout for its Scottish plant, chemical companies controlled by tycoon Jim Ratcliffe had already been granted as much as £70m in UK state aid during the previous four-year period.

Latest Revelations and Financial Support

According to government disclosures published this week, state aid to the Ineos group in the most recent year ranged from £16m and £38m. Since August 2022, the company has received between £28m and £70m.

Authorities intervened this week to provide Ineos with £50m to prop up its Scottish ethylene plant, concerned that without it the UK would lose its sole facility producing ethylene—a critical feedstock for plastics. Officials additionally supported a £75m credit guarantee, while Ineos committed to invest £30m of its own funds.

Plant Closure and Broader Context

This intervention comes after Ineos closed the adjacent oil refinery in September 2024, resulting in the loss of 400 jobs—a move described as a significant setback to the local community and a challenge for the government.

Ratcliffe, who is worth $14.5bn, reportedly requested government help in October. This appeal comes at a time when the wide-ranging Ineos group, under the control of the 73-year-old, has faced considerable economic strain, partly due to sharply increased energy costs in the wake of Russia's 2022 invasion of Ukraine.

Reflecting growing unease over its ability to manage debt, the credit rating agency lowered Ineos's credit rating in September. Ratcliffe has also had to commit substantial resources into his off-road vehicle venture and the turnaround of the football club, in which he holds a partial ownership.

Form of Support and Company Statements

The majority of the previous state aid came in the form of tax breaks in exchange for “commitments to curb consumption and CO2 output.” Figures for these relief schemes for Ineos's plants in Grangemouth and Hull were given as estimates rather than precise figures.

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

Although Ratcliffe thanked the government for the £50m support in an announcement, Ineos also released sharper remarks. In these, the billionaire strongly criticised government policy, specifically carbon taxes levied on industrial users.

“The answer is NOT decarbonisation by deindustrialisation,” Ratcliffe wrote. “Lacking a robust manufacturing base, the economy will falter. Soaring power prices and burdensome carbon levies are driving industry out of the UK at an unsustainable pace.”

In further comments, Ratcliffe described carbon taxes as “the most idiotic tax in the world,” arguing they put UK plants at a competitive disadvantage against international competitors. It is noted that most chemicals and plastics are not covered from the UK's planned carbon border adjustment mechanism.

Investment and Sustainability Claims

The Ineos representative added: “Ineos has invested over £400m at Grangemouth in the last five years to keep it as one of the most efficient chemical plants in Europe and to protect skilled jobs. British industry has had a very difficult year, yet society depends on this industry every day. Should we fail to manufacture these critical products 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, indicated the Grangemouth money would be used to improve energy efficiency, cut carbon emissions, and boost plant performance.

He explained the site, which uses an ethylene cracker utilising 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 leave the EU.