#ineos

#ineos

Billionaire Sir Jim Ratcliffe's petrochemicals group Ineos has announced plans to cut 60 jobs at its Hull Acetyls plant in East Yorkshire, citing "dirt-cheap, carbon-heavy imports from China" and "sky-high" UK energy costs.

Sir Jim Ratcliffe's chemicals empire, Ineos, has introduced a company-wide hiring freeze as it prioritises debt reduction following years of rapid expansion and weakening market conditions. The British-founded group confirmed a "general recruitment freeze" while tightening capital spending after acquiring assets worth around €2.7 billion across the US, Europe and Asia between 2022 and 2024. The move comes as Ineos grapples with overcapacity in the chemicals market, new US tariffs and falling prices that have squeezed margins across its core businesses.

Billionaire Sir Jim Ratcliffe who owns Manchester united and the energy empire Ineos has ceased all investment into Britain and will place £3 billion into US operations. Ratcliffe has blamed Rachel Reeve's "unstable fiscal regime" as the main factor in the shift and warned he will not invest into the UK as he cannot be sure as to what the "future tax rates will be." Brian Gilvary who is in charge of Ineos's energy sector said they have "stopped investing in Britain" and will place future investment into the US which will be a big win for Donald Trump. Gilvary said that the UK has "one of the most unstable fiscal regimes in the world" in the energy and natural resource sectors.