Britain's Chemical Industry Faces "Extinction Event" as Ineos Closes Ethanol Plant, Warns Ratcliffe

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Britain's Chemical Industry Faces "Extinction Event" as Ineos Closes Ethanol Plant, Warns Ratcliffe

Britain's Chemical Industry Faces "Extinction Event"

Britain's chemical industry is facing an "extinction event" due to soaring energy prices and rising carbon taxes, warns Sir Jim Ratcliffe, founder of Ineos. The closure of the company's last synthetic ethanol plant in Grangemouth, Scotland, has resulted in job losses and reliance on imports.

Ratcliffe blames government energy policy for "de-industrialising" the country and calls for a coherent energy strategy, trade measures supporting UK manufacturing, and emissions trading reform. Industry leaders fear the sector's erosion will have wider economic consequences.

The government calls the closure "disappointing" and insists on developing a new industrial strategy. However, without urgent intervention, Britain risks losing its footing in a critical global market, potentially impacting employment and investment for years to come.