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Prior to this week's £50m government bailout for its Scottish plant, industrial firms under the ownership of billionaire Sir Jim Ratcliffe were already awarded up to £70m in British government support during the previous four-year period.

Latest Disclosures and Bailout Package

According to government disclosures released recently, public funding to the Ineos group in the most recent year was between £16m and £38m. Since August 2022, the conglomerate has obtained a total of £28m and £70m.

The government stepped in this week to provide Ineos with £50m to support its Grangemouth operations, fearing that without it the UK would cease to have its sole facility manufacturing ethylene—a critical raw material for plastics. Officials additionally supported a £75m credit guarantee, while Ineos pledged to invest £30m of its own funds.

Refinery Shutdown and Wider Challenges

This intervention comes after Ineos shut down the adjacent oil refinery in late 2024, costing 400 jobs—a move described as a significant setback to the area and a challenge for the government.

Ratcliffe, who is worth $14.5bn, reportedly requested government help in October. This appeal coincides with the expansive Ineos group, under the control of the 73-year-old, has been under significant financial pressure, partly due to sharply increased energy costs in the wake of Russia's full-scale invasion of Ukraine.

In a sign of growing unease over its financial health, the credit rating agency lowered Ineos's credit rating in September. Ratcliffe has also been required to invest substantial resources into his off-road vehicle venture and efforts to revitalise Manchester United, in which he holds a partial ownership.

Form of Support and Official Responses

Most the earlier government support was delivered in the form of tax breaks in exchange for “commitments to curb consumption and carbon dioxide emissions.” Figures for these tax breaks for Ineos's sites in Grangemouth and Hull are reported as ranges rather than exact amounts.

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

Although Ratcliffe thanked the government for the £50m support in an official statement, Ineos also released more critical comments. In these, the industrialist strongly criticised government policy, specifically carbon taxes levied on industrial users.

“The answer is NOT decarbonisation by deindustrialisation,” Ratcliffe wrote. “Lacking a robust manufacturing base, the economy will falter. Soaring power prices and punitive carbon charges are pushing industry out of the UK at an alarming rate.”

Speaking elsewhere, Ratcliffe labelled carbon taxes as “the most idiotic tax in the world,” contending they place UK plants at a competitive disadvantage against international competitors. Currently, most chemicals and plastics are not covered from the UK's planned carbon border adjustment mechanism.

Investment and Environmental Pledges

The Ineos spokesperson 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 protect skilled jobs. The UK chemicals sector has had a very difficult year, yet society depends on this industry every day. If we don't produce 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, indicated the Grangemouth money would be used to improve energy efficiency, reduce carbon emissions, and boost overall performance.

He explained the site, which uses an processing unit running on North Sea gas and US-sourced liquefied petroleum gas, had been under “extreme pressure” from surging energy costs and the UK's carbon taxes.

Records show that Ineos has in the past obtained significant tax breaks from the EU, worth hundreds of millions of euros—interestingly while Ratcliffe was a leading supporter of the campaign for the UK to leave the EU.