Industrial Companies Owned by Billionaire Sir Jim Ratcliffe Received Up to £70m in UK Government Support Over the Last Four-Year Period
Prior to this week's £50m state rescue package for its Scottish plant, industrial firms controlled by billionaire Jim Ratcliffe were already awarded up to £70m in UK state aid during the previous four-year period.
Recent Disclosures and Financial Support
According to official data published this week, state aid to Ratcliffe's chemical empire in the last year alone was between £16m and £38m. Since August 2022, the conglomerate has received between £28m and £70m.
Authorities intervened on Tuesday to provide Ineos with £50m to prop up its Grangemouth operations, fearing that without it the UK would lose its last remaining facility manufacturing ethylene—a critical feedstock for plastics. Officials additionally supported a £75m loan guarantee, while Ineos pledged to invest £30m of its own funds.
Plant Closure and Broader Context
This support comes after Ineos shut down the neighbouring oil refinery in late 2024, resulting in the loss of 400 jobs—a move described as a huge blow to the local community and a challenge for the government.
The billionaire, with an estimated net worth of $14.5bn, reportedly asked for government assistance in October. This appeal coincides with the wide-ranging Ineos group, controlled by the 73-year-old, has faced significant financial pressure, in part due to soaring energy costs in the wake of Russia's full-scale invasion of Ukraine.
Reflecting growing unease over its ability to manage debt, 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 the football club, in which he holds a partial ownership.
Form of Support and Official Responses
Most the earlier government support came in the form of tax breaks in exchange for “commitments to reduce energy use and CO2 output.” The value of these relief schemes for Ineos's plants in Grangemouth and Hull are reported as ranges rather than exact amounts.
An Ineos representative said the aid did not represent “favourable terms” for the company, but was “awarded against strict criteria, and available to any UK business that meets the requirements.”
While Ratcliffe thanked the government for the £50m support in an official statement, Ineos separately issued more critical comments. In these, the industrialist launched a broadside against government policy, including carbon taxes levied on industrial users.
“The answer is NOT decarbonisation by deindustrialisation,” Ratcliffe wrote. “Without a strong manufacturing base, the economy will continue to decline. High energy costs 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,” arguing they put 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. The UK chemicals sector has had a brutal year, yet society depends on this industry every day. Should we fail to manufacture these essential materials in the UK, they are brought in from overseas, often from higher-carbon production abroad.”
Colin Pritchard, head of sustainability for the company's Olefins & Polymers division, said the Grangemouth money 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 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 previously received significant 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 exit the European Union.