Sir Jim Ratcliffe warned of an 'extinction event' for Britain’s chemicals industry as soaring energy prices and rising carbon taxes lead to the closure of Ineos's last synthetic ethanol plant. The shutdown threatens over 500 jobs in the supply chain, signaling a shift to reliance on imports for essential chemicals.
According to Ineos, ten large chemical complexes have closed across the UK in the past five years, with the Chemical Industries Association stating that domestic chemical output has dropped nearly 40 percent since 2021. This decline is tied to uncompetitive energy prices that force production overseas.
The situation prompted Steve Elliott, CEO of the Chemical Industries Association, to caution that the UK needs to decide 'if it wants to break or make a key manufacturer,' highlighting the critical juncture the industry faces amidst these challenges.
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