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Before the recent £50m state rescue package for its Scottish plant, industrial firms under the ownership of tycoon Sir Jim Ratcliffe were already awarded up to £70m in British government support over the past four years.

Recent Disclosures and Financial Support

Based on official data published this week, public funding to the Ineos group in the last year alone was between £16m and £38m. From August 2022 onwards, the company has obtained a total of £28m and £70m.

The government stepped in on Tuesday to provide Ineos with £50m to prop up its Grangemouth operations, fearing that without it the UK would lose its sole facility manufacturing 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.

Plant Closure and Wider Challenges

This intervention comes after Ineos closed the neighbouring oil refinery in September 2024, resulting in the loss of 400 jobs—a move described as a significant setback 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. The request comes at a time when the expansive Ineos group, controlled by the 73-year-old, has been under considerable economic strain, in part due to soaring energy costs in the wake of Russia's 2022 invasion of Ukraine.

Reflecting increasing concern over its ability to manage debt, the credit rating agency downgraded Ineos's credit rating in September. Ratcliffe has also been required to invest substantial resources into his Ineos Grenadier automotive project and efforts to revitalise the football club, in which he holds a partial ownership.

Form of Support and Official Responses

Most the previous state aid came in the form of tax relief in exchange for “commitments to curb consumption and CO2 output.” The value of these tax breaks for Ineos's sites in Grangemouth and Hull are reported as ranges rather than precise figures.

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

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

“The solution is not decarbonisation by deindustrialisation,” he stated. “Without a strong manufacturing base, the economy will continue to decline. High energy costs and punitive carbon charges 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,” contending they put UK plants at a competitive disadvantage against foreign rivals. Currently, most chemicals and plastics are not covered from the UK's planned 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 productive 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. If we don't produce 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 Olefins & Polymers division, indicated the new funding would be used to enhance energy efficiency, reduce carbon emissions, and boost overall performance.

He noted 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, worth hundreds of millions of euros—notably while Ratcliffe was a leading supporter of the campaign for the UK to leave the EU.