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Prior to this week's £50m government bailout for its Scottish plant, chemical companies controlled by billionaire Jim Ratcliffe were already awarded as much as £70m in British government support during the previous four-year period.

Latest Disclosures and Bailout Package

According to government disclosures published recently, public funding to Ratcliffe's chemical empire in the last year alone ranged from £16m and £38m. From August 2022 onwards, the company has received between £28m and £70m.

The government stepped in on Tuesday to grant Ineos with £50m to support its Grangemouth operations, fearing that otherwise the UK would cease to have its last remaining facility manufacturing ethylene—a vital raw material for plastics. Officials additionally supported a £75m loan guarantee, while Ineos pledged to invest £30m of its own funds.

Plant Closure and Wider Challenges

This support arrives following Ineos shut down the adjacent oil refinery in September 2024, resulting in the loss of 400 jobs—a move described as a significant setback to the local community and a political problem for the government.

Ratcliffe, who is worth $14.5bn, reportedly asked for government assistance in October. This appeal coincides with the expansive Ineos group, under the control of the 73-year-old, has faced significant financial pressure, partly due to soaring energy costs following 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 off-road vehicle venture and efforts to revitalise Manchester United, in which he holds a partial ownership.

Nature of Aid and Company Statements

The majority of the earlier government support 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 plants in Grangemouth and Hull are reported as ranges rather than precise figures.

An Ineos representative stated the aid did not constitute “special treatment” for the company, but was “awarded against 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 answer is NOT decarbonisation by deindustrialisation,” he stated. “Lacking a robust manufacturing base, the economy will falter. High energy costs and burdensome carbon levies are pushing industry out of the UK at an unsustainable pace.”

Speaking elsewhere, Ratcliffe labelled carbon taxes as “the most idiotic tax in the world,” arguing they place UK plants at a competitive disadvantage against foreign rivals. Currently, most chemicals and plastics are not covered from the UK's initial carbon import tax.

Future Environmental Pledges

The Ineos representative further stated: “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. The UK chemicals sector has had a brutal 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 more polluting operations abroad.”

A senior Ineos executive, head of sustainability for the company's chemicals unit, said the new funding would be used to enhance energy efficiency, reduce carbon emissions, and boost plant performance.

He noted the site, which uses an ethylene cracker utilising North Sea gas and US-sourced 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 substantial tax breaks from the EU, worth hundreds of millions of euros—interestingly while Ratcliffe was a prominent backer of the campaign for the UK to leave the EU.