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Prior to this week's £50m state rescue package for its Scottish plant, industrial firms under the ownership of billionaire Jim Ratcliffe had already been granted up to £70m in British government support during the previous four-year period.

Recent Revelations and Bailout Package

According to official data published this week, public funding to Ratcliffe's chemical empire in the most recent year ranged from £16m and £38m. Since August 2022, the conglomerate has received between £28m and £70m.

The government stepped in on Tuesday to provide Ineos with £50m to prop up its Scottish ethylene plant, fearing that without it the UK would cease to have its sole facility manufacturing ethylene—a critical raw material 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 comes following Ineos shut down the neighbouring oil refinery in September 2024, costing 400 jobs—a move described as a significant setback to the area and a challenge for the government.

Ratcliffe, who is worth $14.5bn, is understood to have requested 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 soaring energy costs following Russia's 2022 invasion of Ukraine.

Reflecting growing unease over its ability to manage debt, Fitch Ratings lowered Ineos's debt rating in September. Ratcliffe has also been required to invest substantial resources into his off-road vehicle venture and efforts to revitalise the football club, in which he holds a partial ownership.

Form of Support and Company Statements

Most the previous state aid came in the form of tax breaks in return for “voluntary agreements to reduce energy use and carbon dioxide emissions.” The value of these tax breaks for Ineos's plants in Grangemouth and Hull are reported as ranges rather than precise figures.

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

Although Ratcliffe publicly welcomed the £50m support in an official statement, Ineos also released more critical comments. In these, the industrialist launched a broadside against government policy, including carbon taxes levied on industrial users.

“The answer is NOT decarbonisation by deindustrialisation,” he stated. “Without a strong 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.”

In further comments, Ratcliffe described carbon taxes as “an extremely foolish levy in the world,” contending they put UK plants at a competitive disadvantage against international competitors. It is noted that most chemicals and plastics are excluded from the UK's planned carbon border adjustment mechanism.

Future Environmental Pledges

The Ineos representative added: “Ineos has invested over £400m at Grangemouth in the last five years to maintain its status as one of the most efficient chemical plants in Europe and to protect skilled jobs. British industry has had a very difficult year, yet everyone relies on this industry every day. Should we fail to manufacture these critical products in the UK, they are brought in from overseas, often from higher-carbon production abroad.”

Colin Pritchard, head of sustainability for the company's chemicals unit, indicated the new funding would be used to improve energy efficiency, cut carbon emissions, and boost plant performance.

He noted the site, which uses an processing unit running on North Sea gas and imported liquefied petroleum gas, had been under “intense strain” from surging energy costs and the UK's carbon taxes.

It has also been reported that Ineos has in the past obtained substantial tax breaks from the EU, valued at hundreds of millions of euros—interestingly while Ratcliffe was a leading supporter of the campaign for the UK to exit the European Union.