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Prior to this week's £50m state rescue package for its Scottish plant, industrial firms controlled by tycoon Jim Ratcliffe were already awarded up to £70m in UK state aid during the previous four-year period.

Recent Disclosures and Financial Support

Based on official data released this week, state aid to Ratcliffe's chemical empire in the most recent year ranged from £16m and £38m. Since August 2022, the company has obtained between £28m and £70m.

Authorities intervened on Tuesday to grant Ineos with £50m to prop up its Scottish ethylene plant, concerned that without it the UK would lose its last remaining facility producing ethylene—a critical feedstock for plastics. The government also backed a £75m loan guarantee, while Ineos committed to invest £30m of its own funds.

Refinery Shutdown and Broader Context

This support arrives after Ineos closed 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 asked for government assistance in October. This appeal comes at a time when the wide-ranging 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.

Reflecting increasing concern over its ability to manage debt, 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 the football club, in which he holds a partial ownership.

Form of Support and Company Statements

Most the earlier government support came in the form of tax relief in return for “commitments to curb consumption and carbon dioxide emissions.” Figures for these tax breaks for Ineos's plants in Grangemouth and Hull were given as estimates rather than precise figures.

An Ineos spokesperson stated the aid did not constitute “special treatment” for the company, but was “awarded against strict criteria, and open to any UK business that qualifies.”

While Ratcliffe thanked the government for the £50m support in an announcement, Ineos also released sharper remarks. In these, the industrialist strongly criticised government policy, specifically 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 disadvantage against international competitors. Currently, most chemicals and plastics are not covered from the UK's initial carbon import tax.

Investment and Environmental Pledges

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 protect skilled jobs. British industry 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 imported instead, often from higher-carbon production abroad.”

A senior Ineos executive, head of sustainability for the company's chemicals unit, indicated the Grangemouth money would be used to enhance energy efficiency, cut carbon emissions, and boost plant performance.

He noted the site, which uses an ethylene cracker utilising North Sea gas and imported liquefied petroleum gas, had been under “intense strain” from surging energy costs and the UK's carbon taxes.

It has also been reported that Ineos has previously received significant 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 exit the European Union.