Industrial Companies Controlled by Tycoon Sir Jim Ratcliffe Received As Much As £70m in British State Aid In the Past Four Years

Prior to this week's £50m state rescue package for its Scottish plant, industrial firms under the ownership of billionaire 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 government disclosures published recently, state aid to Ratcliffe's chemical empire in the most recent year ranged from £16m and £38m. From August 2022 onwards, the conglomerate has obtained between £28m and £70m.

The government stepped in on Tuesday to grant Ineos with £50m to prop up its Grangemouth operations, concerned that otherwise the UK would cease to have its last remaining facility producing ethylene—a vital raw material for plastics. The government also backed a £75m loan guarantee, while Ineos committed to invest £30m of its own funds.

Refinery Shutdown and Broader Context

This support arrives following Ineos closed the neighbouring oil refinery in late 2024, costing 400 jobs—a move described as a huge blow to the area and a political problem for the government.

Ratcliffe, who is worth $14.5bn, reportedly requested government assistance in October. This appeal coincides with the expansive Ineos group, under the control of the 73-year-old, has been under considerable economic strain, in part due to sharply increased energy costs in the wake of Russia's 2022 invasion of Ukraine.

In a sign of growing unease over its financial health, Fitch Ratings 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 previous state aid was delivered in the form of tax relief in return for “voluntary agreements 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 exact amounts.

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

Although Ratcliffe thanked the government for the £50m support in an official statement, Ineos separately issued sharper remarks. In these, the industrialist launched a broadside against government policy, including carbon taxes paid by industrial users.

“The answer is NOT decarbonisation by deindustrialisation,” Ratcliffe wrote. “Without a strong manufacturing base, the economy will falter. High energy costs and punitive carbon charges are pushing industry out of the UK at an unsustainable pace.”

Speaking elsewhere, Ratcliffe described carbon taxes as “an extremely foolish levy in the world,” arguing they place UK plants at a disadvantage against foreign rivals. It is noted that most chemicals and plastics are not covered from the UK's initial carbon border adjustment mechanism.

Future Sustainability Claims

The Ineos spokesperson further stated: “Ineos has invested over £400m at Grangemouth in the last five years to keep it as one of the most productive chemical plants in Europe and to safeguard skilled jobs. British industry 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.”

A senior Ineos executive, head of sustainability for the company's chemicals unit, indicated the Grangemouth money would be used to improve energy efficiency, cut carbon emissions, and boost overall performance.

He noted the site, which uses an ethylene cracker running on North Sea gas and imported liquefied petroleum gas, had been under “intense strain” 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, valued at hundreds of millions of euros—notably while Ratcliffe was a prominent backer of the campaign for the UK to exit the European Union.