Taxpayers forced to save Sir Jim Ratcliffe's chemicals plant [Yahoo! Finance]
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Source: Yahoo! Finance
Sir Keir Starmer's Government said on Wednesday it would provide Sir Jim's Ineos site with a funding package after it was left struggling with high energy bills and rising carbon taxes. Grangemouth is Britain's last petrochemical plant, producing ethylene, which is an essential ingredient in plastics used in UK manufacturing. Ministers said 500 jobs would be saved through the measures, with hundreds more in the supply chain protected. Tom Crotty, Ineos director, said Britain had been facing the prospect of losing its petrochemical industry altogether. He said: “We've gone from three plants to one – that's ours at Grangemouth, and it is losing money hand over fist. How much longer we could continue to do that is a moot point.” Surging energy costs have crippled Britain's petrochemical industry, made worse by a drop in rival US producers' energy costs and China flooding the market with cheap chemicals The Grangemouth plant, which sits on the south bank of the Firth of Forth
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