Jim Ratcliffe chemical firms received up to £70m of UK state aid in last four years
The government is preparing a £50m bailout for Ineos’s Grangemouth plant, after Jim Ratcliffe asked for help in October
TL;DR
- Ineos has received up to £70 million in UK state aid in the past four years.
- The UK government provided a £50 million bailout and a £75 million loan guarantee to Ineos's Grangemouth plant.
- The aid is intended to save the UK's last ethylene production plant, crucial for plastics manufacturing.
- Ineos previously closed its adjacent oil refinery, resulting in 400 job losses.
- The company attributes financial pressure to increased energy costs following the invasion of Ukraine and UK carbon taxes.
- Jim Ratcliffe has criticized UK government policies, calling carbon taxes 'punitive' and 'idiotic'.
- Previous state aid primarily came in the form of tax breaks for energy use and CO2 emission reductions.
- Ineos states the aid was awarded based on strict criteria available to any qualifying UK business.
- The company has invested £400 million at Grangemouth over five years to improve efficiency and protect jobs.