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Before this week's £50m government bailout for its Scottish plant, industrial firms under the ownership of billionaire Jim Ratcliffe were already awarded as much as £70m in British government support over the past four years.

Latest Disclosures and Financial Support

According to government disclosures published this week, state aid to Ratcliffe's chemical empire in the most recent year was between £16m and £38m. Since August 2022, the conglomerate has received between £28m and £70m.

Authorities intervened on Tuesday to grant Ineos with £50m to support its Grangemouth operations, concerned that otherwise the UK would lose its sole facility producing ethylene—a critical raw material for plastics. The government also backed a £75m credit guarantee, while Ineos committed to invest £30m of its private capital.

Refinery Shutdown and Broader Context

This support arrives following Ineos shut down the adjacent oil refinery in late 2024, resulting in the loss of 400 jobs—a move described as a significant setback to the local community and a political problem for the government.

The billionaire, with an estimated net worth of $14.5bn, reportedly requested government help in October. The request coincides with the wide-ranging Ineos group, controlled by the 73-year-old, has been under significant financial pressure, partly due to sharply increased energy costs following Russia's full-scale invasion of Ukraine.

In a sign of growing unease over its ability to manage debt, the credit rating agency downgraded Ineos's credit rating in September. Ratcliffe has also been required to invest significant funds into his Ineos Grenadier automotive project and efforts to revitalise Manchester United, in which he holds a partial ownership.

Form of Support and Official Responses

Most the earlier government support was delivered in the form of tax relief in exchange for “commitments to reduce energy use and CO2 output.” Figures for these relief schemes for Ineos's plants in Grangemouth and Hull are reported as ranges rather than precise figures.

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

Although Ratcliffe thanked the government for the £50m support in an announcement, Ineos separately issued sharper remarks. In these, the billionaire launched a broadside against government policy, including carbon taxes paid by industrial users.

“The solution is not decarbonisation by deindustrialisation,” he stated. “Lacking a robust manufacturing base, the economy will falter. High energy costs and punitive carbon charges are driving industry out of the UK at an alarming rate.”

Speaking elsewhere, Ratcliffe described carbon taxes as “the most idiotic tax in the world,” contending they place UK plants at a disadvantage against foreign rivals. It is noted that most chemicals and plastics are not covered from the UK's planned 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. The UK chemicals sector has had a brutal year, yet everyone relies 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 chemicals unit, said the Grangemouth money would be used to improve energy efficiency, reduce carbon emissions, and boost plant performance.

He noted the site, which uses an processing unit 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 significant 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.