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Before this week's £50m state rescue package for its Scottish plant, chemical companies under the ownership of tycoon Sir Jim Ratcliffe were already awarded as much as £70m in British government support during the previous four-year period.

Recent Disclosures and Financial Support

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

The government stepped in this week to provide Ineos with £50m to support its Grangemouth operations, fearing that otherwise the UK would cease to have its sole facility producing ethylene—a critical feedstock for plastics. Officials additionally supported a £75m loan guarantee, while Ineos committed to invest £30m of its private capital.

Refinery Shutdown and Wider Challenges

This support arrives following Ineos shut down the neighbouring oil refinery in September 2024, costing 400 jobs—a move described as a huge blow to the area and a challenge for the government.

Ratcliffe, who is worth $14.5bn, is understood to have requested government help in October. The request coincides with the expansive Ineos group, under the control of the 73-year-old, has been under significant financial pressure, in part due to soaring energy costs following Russia's full-scale invasion of Ukraine.

Reflecting increasing concern over its ability to manage debt, the credit rating agency lowered Ineos's credit 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 minority stake.

Form of Support and Official Responses

The majority of the previous state aid came in the form of tax relief in return for “commitments to reduce energy use and carbon dioxide emissions.” Figures for these tax breaks for Ineos's sites in Grangemouth and Hull are reported as ranges rather than exact amounts.

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

While Ratcliffe publicly welcomed the £50m support in an announcement, Ineos also released sharper remarks. In these, the industrialist launched a broadside against government policy, including carbon taxes levied on industrial users.

“The solution is not decarbonisation by deindustrialisation,” he stated. “Lacking a robust 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.”

In further comments, Ratcliffe described carbon taxes as “the most idiotic tax in the world,” arguing they place UK plants at a competitive disadvantage against international competitors. Currently, most chemicals and plastics are not covered from the UK's planned carbon border adjustment mechanism.

Investment and Environmental Pledges

The Ineos spokesperson 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 safeguard skilled jobs. The UK chemicals sector 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 imported instead, often from more polluting operations abroad.”

Colin Pritchard, head of sustainability for the company's chemicals unit, indicated the new funding would be used to enhance energy efficiency, reduce carbon emissions, and upgrade overall performance.

He explained the site, which uses an ethylene cracker 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.

It has also been reported that Ineos has previously received significant tax breaks from the EU, worth hundreds of millions of euros—notably while Ratcliffe was a prominent backer of the campaign for the UK to exit the European Union.