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Before this week's £50m state rescue package for its Scottish plant, industrial firms under the ownership of billionaire Jim Ratcliffe had already been granted as much as £70m in UK state aid during the previous four-year period.

Latest Disclosures and Financial Support

Based on government disclosures published this week, public funding to Ratcliffe's chemical empire in the most recent year was between £16m and £38m. From August 2022 onwards, the conglomerate has received between £28m and £70m.

Authorities intervened this week to grant Ineos with £50m to support its Scottish ethylene plant, concerned that without it the UK would lose its sole facility manufacturing ethylene—a vital feedstock for plastics. Officials additionally supported a £75m loan guarantee, while Ineos committed to invest £30m of its private capital.

Refinery Shutdown and Broader Context

This support comes following Ineos closed 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 challenge for the government.

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

In a sign of increasing concern over its ability to manage debt, Fitch Ratings downgraded Ineos's debt rating in September. Ratcliffe has also been required to invest substantial resources into his off-road vehicle venture and the turnaround of Manchester United, in which he holds a minority stake.

Form of Support and Official Responses

Most the previous state aid was delivered in the form of tax breaks in exchange for “commitments to reduce energy use and CO2 output.” Figures for these tax breaks for Ineos's sites in Grangemouth and Hull were given as estimates rather than precise figures.

An Ineos spokesperson 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 meets the requirements.”

Although Ratcliffe publicly welcomed the £50m support in an announcement, Ineos separately issued 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. High energy costs and punitive carbon charges are pushing industry out of the UK at an alarming rate.”

Speaking elsewhere, Ratcliffe described carbon taxes as “an extremely foolish levy 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.

Future Environmental Pledges

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 efficient chemical plants in Europe and to protect skilled jobs. British industry 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 Olefins & Polymers division, 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 running on North Sea gas and US-sourced liquefied petroleum gas, had been under “extreme pressure” from rocketing energy costs and the UK's carbon taxes.

Records show that Ineos has in the past obtained significant tax breaks from the EU, worth hundreds of millions of euros—notably while Ratcliffe was a prominent backer of the campaign for the UK to leave the EU.