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Before this week's £50m state rescue package for its Scottish plant, industrial firms under the ownership of tycoon Sir Jim Ratcliffe were already awarded as much as £70m in UK state aid over the past four years.

Recent Disclosures and Financial Support

Based on official data published recently, public funding to Ratcliffe's chemical empire in the most recent year ranged from £16m and £38m. Since August 2022, the conglomerate has received a total of £28m and £70m.

The government stepped in on Tuesday to provide Ineos with £50m to prop up its Scottish ethylene plant, concerned that otherwise the UK would lose its last remaining facility manufacturing ethylene—a critical feedstock for plastics. The government also backed a £75m loan guarantee, while Ineos committed to invest £30m of its private capital.

Refinery Shutdown and Broader Context

This support comes following Ineos shut down the neighbouring oil refinery in September 2024, costing 400 jobs—a move described as a significant setback to the area and a political problem for the government.

Ratcliffe, who is worth $14.5bn, is understood to have requested government assistance in October. The request coincides with the expansive Ineos group, controlled by the 73-year-old, has been under significant financial pressure, in part due to soaring energy costs in the wake of Russia's 2022 invasion of Ukraine.

In a sign of increasing concern over its ability to manage debt, Fitch Ratings lowered Ineos's credit rating in September. Ratcliffe has also had to commit significant funds into his Ineos Grenadier automotive project and the turnaround of the football club, in which he holds a minority stake.

Form of Support and Official Responses

The majority of the previous state aid was delivered in the form of tax breaks in return for “commitments to reduce energy use and carbon dioxide emissions.” Figures for 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 constitute “favourable terms” for the company, but was “awarded against strict criteria, and open to any UK business that qualifies.”

Although Ratcliffe publicly welcomed the £50m support in an official statement, Ineos separately issued sharper remarks. In these, the billionaire strongly criticised government policy, specifically carbon taxes paid by industrial users.

“The answer is NOT decarbonisation by deindustrialisation,” he stated. “Lacking a robust manufacturing base, the economy will continue to decline. High energy costs and burdensome carbon levies are driving industry out of the UK at an alarming rate.”

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

Investment and Environmental Pledges

The Ineos representative 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 protect skilled jobs. The UK chemicals sector has had a brutal year, yet everyone relies on this industry every day. Should we fail to manufacture these critical products in the UK, they are brought in from overseas, often from more polluting operations abroad.”

A senior Ineos executive, head of sustainability for the company's chemicals unit, said the new funding would be used to improve energy efficiency, cut carbon emissions, and upgrade plant 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, valued at hundreds of millions of euros—notably while Ratcliffe was a prominent backer of the campaign for the UK to leave the EU.