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Before the recent £50m state rescue package for its Scottish plant, industrial firms controlled by billionaire Sir Jim Ratcliffe were already awarded up to £70m in British government support during the previous four-year period.

Latest Revelations and Bailout Package

Based on official data published recently, public funding 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.

The government stepped in on Tuesday to provide Ineos with £50m to support its Grangemouth operations, concerned that without it the UK would cease to have its sole facility producing ethylene—a critical feedstock for plastics. The government also backed a £75m loan guarantee, while Ineos committed to invest £30m of its private capital.

Plant Closure and Wider Challenges

This support arrives after 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 challenge for the government.

Ratcliffe, who is worth $14.5bn, reportedly requested government assistance in October. The request coincides with the expansive Ineos group, controlled by the 73-year-old, has faced considerable economic strain, in part due to soaring energy costs following Russia's 2022 invasion of Ukraine.

Reflecting growing unease over its financial health, the credit rating agency downgraded Ineos's credit rating in September. Ratcliffe has also had to commit substantial resources into his Ineos Grenadier automotive project and the turnaround of Manchester United, in which he holds a minority stake.

Form of Support and Company Statements

The majority of the earlier government support was delivered in the form of tax breaks in exchange for “commitments to reduce energy use and CO2 output.” The value of these tax breaks for Ineos's sites in Grangemouth and Hull were given as estimates rather than exact amounts.

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

While Ratcliffe publicly welcomed the £50m support in an official statement, Ineos separately issued more critical comments. In these, the industrialist strongly criticised government policy, specifically carbon taxes paid by industrial users.

“The solution is not decarbonisation by deindustrialisation,” he stated. “Without a strong manufacturing base, the economy will falter. High energy costs and punitive carbon charges are pushing industry out of the UK at an unsustainable pace.”

In further comments, Ratcliffe labelled carbon taxes as “an extremely foolish levy in the world,” contending they place UK plants at a disadvantage against foreign rivals. It is noted that most chemicals and plastics are excluded from the UK's planned carbon import tax.

Future Environmental Pledges

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 efficient chemical plants in Europe and to safeguard skilled jobs. British industry has had a very difficult 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 higher-carbon production abroad.”

Colin Pritchard, head of sustainability for the company's Olefins & Polymers division, 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 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 in the past obtained substantial tax breaks from the EU, worth hundreds of millions of euros—interestingly while Ratcliffe was a prominent backer of the campaign for the UK to leave the EU.