Billionaire owner of Ineos says company ‘cannot compete’ with global market despite economic vandalism on an industrial scale” by losing jobs to China and the US “and driving up global CO2 emissions at a stroke”.
“Not only is the ridiculously high gas price in the UK destroying our manufacturing base and the jobs of hard‑working people on Humberside, it is also massively increasing the environmental burden, with replacement products supplied from the USA at double the carbon emissions and from China at eight times the emission level,” Ratcliffe said.
A government spokesperson said ministers have taken “bold action” to support the UK’s chemicals industry, including launching a £350 million co‑investment scheme and introducing trade measures on foreign chemical imports.
The spokesperson added that the government is preparing to address high electricity costs.
The first initiative aims to cut electricity bills by up to 25 % for more than 10,000 manufacturing firms, while a “supercharger” programme will reduce electricity expenses for hundreds of the UK’s most power‑intensive businesses by over £400 million a year.
“While this is a commercial decision from Ineos, we know this will be a concerning time for workers in Saltend and their families,” the spokesperson added.
