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Prior to this week's £50m state rescue package for its Grangemouth facility, industrial firms controlled by tycoon Sir Jim Ratcliffe were already awarded as much as £70m in British government support over the past four years.

Latest Disclosures and Financial Support

Based on official data released recently, public funding to the Ineos group in the most recent year ranged from £16m and £38m. From August 2022 onwards, the company has obtained between £28m and £70m.

The government stepped in this week to grant Ineos with £50m to prop up its Scottish ethylene plant, fearing that without it the UK would cease to have its last remaining facility manufacturing ethylene—a critical feedstock for plastics. Officials additionally supported a £75m loan guarantee, while Ineos committed to invest £30m of its private capital.

Plant Closure and Broader Context

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

The billionaire, with an estimated net worth of $14.5bn, is understood to have asked for government help in October. The request coincides with the expansive Ineos group, under the control of the 73-year-old, has faced significant financial pressure, in part due to soaring energy costs in the wake of Russia's full-scale invasion of Ukraine.

In a sign of increasing concern over its financial health, the credit rating agency lowered Ineos's credit rating in September. Ratcliffe has also had to commit significant funds into his Ineos Grenadier automotive project and the turnaround of Manchester United, in which he holds a partial ownership.

Form of Support and Company Statements

Most the previous state aid came in the form of tax relief in exchange for “commitments to reduce energy use and carbon dioxide emissions.” The value of these relief schemes for Ineos's plants in Grangemouth and Hull are reported as ranges rather than exact amounts.

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

While Ratcliffe thanked the government for the £50m support in an official statement, Ineos separately issued sharper remarks. In these, the industrialist strongly criticised government policy, specifically carbon taxes levied on industrial users.

“The answer is NOT decarbonisation by deindustrialisation,” he stated. “Without a strong manufacturing base, the economy will falter. Soaring power prices and punitive carbon charges are pushing industry out of the UK at an alarming rate.”

In further comments, Ratcliffe described carbon taxes as “the most idiotic tax in the world,” contending they place UK plants at a competitive disadvantage against international competitors. It is noted that most chemicals and plastics are excluded from the UK's initial carbon import tax.

Investment and 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 society depends on this industry every day. If we don't produce these critical products in the UK, they are imported instead, often from more polluting operations abroad.”

Colin Pritchard, head of sustainability for the company's Olefins & Polymers division, indicated the Grangemouth money would be used to improve energy efficiency, reduce carbon emissions, and upgrade plant 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 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.