Thousands of jobs at risk as Ineos suspends operations at huge UK chemicals plants
Thousands of jobs have been put at risk after Ineos suspended operations at three of the UK’s biggest chemicals plants, as owner Jim Ratcliffe took aim at “ridiculously high” energy prices in the UK. The three plants which are being idled produce the raw materials for pharmaceuticals, clothing, cosmetics, detergents, construction materials and military explosives [...]
Ineos, the UK's major chemicals company, has suspended operations at three of its largest plants, putting thousands of jobs at risk in Humberside. The company's owner, Jim Ratcliffe, blames the high energy prices in the UK for the decision. Ratcliffe stated that gas prices in the UK are 12 times higher than in the US and 8 times higher than in China, making it impossible for Ineos to compete.
He also pointed out that the government's energy policy is causing economic damage and increasing global CO2 emissions. This move joins the list of UK manufacturers suffering due to soaring energy costs, including Speciality Steel UK and British Steel, which have recently been taken over by the government.
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