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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 over the past four years.

Latest Revelations and Financial Support

According to 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 conglomerate has received a total of £28m and £70m.

Authorities intervened this week to provide Ineos with £50m to support its Scottish ethylene plant, concerned that without it the UK would cease to have its sole facility manufacturing ethylene—a vital feedstock for plastics. Officials additionally supported a £75m credit guarantee, while Ineos committed to invest £30m of its own funds.

Plant Closure and Wider Challenges

This support comes following Ineos closed the adjacent oil refinery in late 2024, resulting in the loss of 400 jobs—a move described as a significant setback to the local community and a challenge for the government.

The billionaire, with an estimated net worth of $14.5bn, is understood to have asked for government assistance in October. The request comes at a time when the expansive Ineos group, controlled by the 73-year-old, has faced considerable economic strain, partly due to soaring energy costs following Russia's 2022 invasion of Ukraine.

Reflecting growing unease over its financial health, the credit rating agency downgraded Ineos's credit rating in September. Ratcliffe has also had to commit substantial resources into his off-road vehicle venture and efforts to revitalise Manchester United, in which he holds a minority stake.

Nature of Aid and Company Statements

Most the earlier government support was delivered in the form of tax breaks in exchange for “commitments to reduce energy use and carbon dioxide emissions.” Figures for these tax breaks for Ineos's sites in Grangemouth and Hull were given as estimates rather than precise figures.

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

Although Ratcliffe thanked the government for 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,” Ratcliffe wrote. “Without a strong manufacturing base, the economy will falter. Soaring power prices and punitive carbon charges are driving industry out of the UK at an unsustainable pace.”

In further comments, Ratcliffe described carbon taxes as “an extremely foolish levy in the world,” contending they place UK plants at a competitive disadvantage against international competitors. It is noted that most chemicals and plastics are not covered from the UK's initial carbon border adjustment mechanism.

Investment and Sustainability Claims

The Ineos representative 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. British industry has had a brutal year, yet everyone relies on this industry every day. If we don't produce these essential materials in the UK, they are imported instead, often from higher-carbon production abroad.”

A senior Ineos executive, head of sustainability for the company's Olefins & Polymers division, indicated the Grangemouth money would be used to improve energy efficiency, cut carbon emissions, and upgrade overall 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 rocketing energy costs and the UK's carbon taxes.

It has also been reported that Ineos has previously received substantial 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 leave the EU.