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Before this week's £50m state rescue package for its Scottish plant, industrial firms under the ownership of tycoon Jim Ratcliffe had already been granted as much as £70m in UK state aid during the previous four-year period.

Recent Disclosures and Financial Support

According to government disclosures published recently, state aid to the Ineos group in the last year alone was between £16m and £38m. Since August 2022, the company has received between £28m and £70m.

Authorities intervened on Tuesday to grant Ineos with £50m to support its Grangemouth operations, concerned that without it the UK would lose its sole facility producing ethylene—a vital feedstock for plastics. The government also backed a £75m loan guarantee, while Ineos pledged to invest £30m of its own funds.

Refinery Shutdown and Wider Challenges

This intervention comes following Ineos shut down the adjacent 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, is understood to have asked for government help in October. This appeal comes at a time when the wide-ranging Ineos group, under the control of the 73-year-old, has faced considerable economic strain, in part due to sharply increased energy costs following Russia's full-scale 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 came in the form of tax breaks in exchange for “commitments to curb consumption and CO2 output.” Figures for these tax breaks for Ineos's plants in Grangemouth and Hull are reported as ranges rather than precise figures.

An Ineos spokesperson stated the aid did not represent “favourable terms” for the company, but was “granted based on strict criteria, and available to any UK business that qualifies.”

While Ratcliffe thanked the government for the £50m support in an announcement, Ineos separately issued more critical comments. In these, the industrialist launched a broadside against government policy, specifically carbon taxes paid by industrial users.

“The solution is not decarbonisation by deindustrialisation,” he stated. “Without a strong 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 labelled carbon taxes as “an extremely foolish levy in the world,” contending they put UK plants at a disadvantage against foreign rivals. It is noted that most chemicals and plastics are not covered from the UK's planned carbon border adjustment mechanism.

Investment and Environmental Pledges

The Ineos spokesperson further stated: “Ineos has invested over £400m at Grangemouth in the last five years to maintain its status as one of the most efficient chemical plants in Europe and to protect 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 critical products 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 improve energy efficiency, reduce carbon emissions, and upgrade plant performance.

He noted the site, which uses an processing unit utilising North Sea gas and imported 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.