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Before this week's £50m state rescue package for its Scottish plant, industrial firms 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 Bailout Package

Based on official data released recently, 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 a total of £28m and £70m.

The government stepped in this week to grant Ineos with £50m to support its Grangemouth operations, fearing that without it the UK would lose its sole facility producing ethylene—a vital feedstock for plastics. Officials additionally supported a £75m loan guarantee, while Ineos pledged to invest £30m of its private capital.

Plant Closure and Wider Challenges

This support comes after Ineos closed the neighbouring oil refinery in late 2024, resulting in the loss of 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 requested government help in October. This appeal coincides with the wide-ranging Ineos group, under the control of the 73-year-old, has been under considerable economic strain, partly due to soaring energy costs in the wake of Russia's full-scale invasion of Ukraine.

Reflecting increasing concern over its financial health, Fitch Ratings downgraded Ineos's credit 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 minority stake.

Nature of Aid and Official Responses

Most the earlier government support was delivered in the form of tax breaks in return for “voluntary agreements to curb consumption and CO2 output.” Figures for these relief schemes for Ineos's sites in Grangemouth and Hull are reported as ranges rather than exact amounts.

An Ineos spokesperson 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 qualifies.”

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

“The answer is NOT decarbonisation by deindustrialisation,” Ratcliffe wrote. “Without a strong manufacturing base, the economy will continue to decline. High energy costs 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 put 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 import tax.

Investment and Sustainability Claims

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 productive chemical plants in Europe and to safeguard skilled jobs. British industry has had a very difficult year, yet everyone relies 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 chemicals unit, said 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 running on North Sea gas and imported liquefied petroleum gas, had been under “extreme pressure” 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, valued at hundreds of millions of euros—notably while Ratcliffe was a leading supporter of the campaign for the UK to exit the European Union.