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Before the recent £50m government bailout for its Grangemouth facility, industrial firms under the ownership of tycoon Jim Ratcliffe had already been granted as much as £70m in British government support during the previous four-year period.

Latest Revelations and Financial Support

Based on official data published recently, public funding to Ratcliffe's chemical empire in the last year alone ranged from £16m and £38m. Since August 2022, the conglomerate has received a total of £28m and £70m.

The government stepped in on Tuesday to provide Ineos with £50m to support its Scottish ethylene plant, concerned that without it the UK would lose its last remaining facility producing ethylene—a critical feedstock for plastics. Officials additionally supported a £75m loan guarantee, while Ineos pledged to invest £30m of its own funds.

Plant Closure and Wider Challenges

This intervention comes after Ineos shut down the adjacent oil refinery in late 2024, costing 400 jobs—a move described as a huge blow to the area and a challenge for the government.

The billionaire, with an estimated net worth of $14.5bn, is understood to have asked for government assistance in October. This appeal comes at a time when the wide-ranging Ineos group, under the control of the 73-year-old, has been under considerable economic strain, partly due to sharply increased energy costs in the wake of Russia's full-scale invasion of Ukraine.

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

Form of Support and Official Responses

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

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

Although Ratcliffe publicly welcomed the £50m support in an announcement, Ineos separately issued sharper remarks. In these, the industrialist strongly criticised government policy, including carbon taxes levied on industrial users.

“The solution is not decarbonisation by deindustrialisation,” Ratcliffe wrote. “Lacking a robust manufacturing base, the economy will continue to decline. Soaring power prices and burdensome carbon levies are pushing industry out of the UK at an alarming rate.”

Speaking elsewhere, Ratcliffe labelled carbon taxes as “the most idiotic tax in the world,” arguing 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 initial carbon border adjustment mechanism.

Investment and Environmental Pledges

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 brutal year, yet society depends on this industry every day. Should we fail to manufacture these essential materials in the UK, they are brought in from overseas, often from more polluting operations abroad.”

A senior Ineos executive, head of sustainability for the company's Olefins & Polymers division, indicated the new funding would be used to improve energy efficiency, reduce carbon emissions, and boost overall performance.

He explained the site, which uses an processing unit utilising North Sea gas and US-sourced liquefied petroleum gas, had been under “intense strain” from surging energy costs and the UK's carbon taxes.

Records show that Ineos has in the past obtained substantial tax breaks from the EU, worth hundreds of millions of euros—interestingly while Ratcliffe was a leading supporter of the campaign for the UK to leave the EU.