{"id":8560,"date":"2026-09-22T14:06:00","date_gmt":"2026-09-22T14:06:00","guid":{"rendered":"https:\/\/gettingoutofdebt.co.uk\/?p=8560"},"modified":"2026-09-22T14:06:10","modified_gmt":"2026-09-22T14:06:10","slug":"sir-jim-ratcliffe-suspends-production-at-key-uk-plants-blaming-high-gas-prices","status":"publish","type":"post","link":"https:\/\/gettingoutofdebt.co.uk\/?p=8560","title":{"rendered":"Sir Jim Ratcliffe suspends production at key UK plants blaming high gas prices"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div>\n<p class=\"ssrcss-1q0x1qg-Paragraph e1jhz7w10\"><b class=\"ssrcss-1xjjfut-BoldText e5tfeyi3\">Billionaire Sir Jim Ratcliffe&#8217;s business massive Ineos is pausing production at its 3 plants in Hull, blaming high UK gas prices.<\/b><\/p>\n<p class=\"ssrcss-1q0x1qg-Paragraph e1jhz7w10\">The company stated gas prices within the UK are twelve occasions upper than in the United States, and 8 occasions costlier than the coal-based processes utilized by Chinese competition.<\/p>\n<p class=\"ssrcss-1q0x1qg-Paragraph e1jhz7w10\">Sir Jim stated: &#8220;We are being forced to mothball some of the most efficient plants in Europe, but with gas prices now 12 times the level in the US and 8 times that of China, we just cannot compete.&#8221;<\/p>\n<p class=\"ssrcss-1q0x1qg-Paragraph e1jhz7w10\">The amenities produce uncooked fabrics used to make prescribed drugs, clothes, cosmetics, detergents, development fabrics and armed forces explosives within the UK and Europe. Gas is a key factor in production.<\/p>\n<p class=\"ssrcss-1q0x1qg-Paragraph e1jhz7w10\">Ineos stated the transfer will have an effect on as much as 1,000 of its body of workers, of whom 245 paintings immediately at the website.<\/p>\n<p class=\"ssrcss-1q0x1qg-Paragraph e1jhz7w10\">But the BBC understands staff around the websites might be saved on whilst Ineos tries to shop for liquefied herbal gas (LNG) immediately from the United States at decrease prices &#8211; which might take as much as a yr &#8211; or waits for gas prices to head down. <\/p>\n<p class=\"ssrcss-1q0x1qg-Paragraph e1jhz7w10\">Ineos is looking governments within the UK and the EU \u2014 the place maximum of its merchandise are exported to \u2014 to position in tariff protections in opposition to Chinese merchandise.<\/p>\n<p class=\"ssrcss-1q0x1qg-Paragraph e1jhz7w10\">One plant makes acetic acid, which is utilized in vinegar, paint and glue. Another makes acetic anhydride, a key factor of aspirin, and the 3rd makes ethyl acetate, which is used as a solvent and for decaffeinating tea and low.<\/p>\n<p class=\"ssrcss-1q0x1qg-Paragraph e1jhz7w10\">He stated the present executive&#8217;s power coverage used to be &#8220;economic vandalism on an industrial scale&#8221;.<\/p>\n<p class=\"ssrcss-1q0x1qg-Paragraph e1jhz7w10\">The wholesale worth of herbal gas \u2014 used for heating houses and producing electrical energy \u2014 has nearly doubled within the UK and Europe since July.<\/p>\n<p class=\"ssrcss-1q0x1qg-Paragraph e1jhz7w10\">The disruption of provides of oil and gas in the course of the Strait of Hormuz following the US-Israel warfare in Iran has driven up prices world wide. <\/p>\n<p class=\"ssrcss-1q0x1qg-Paragraph e1jhz7w10\">Ineos says that its plants in Humberside are &#8220;among the most efficient in the world&#8221;, generating fabrics with part the carbon footprint of US competitors, and just one 8th the footprint of Chinese equivalents.<\/p>\n<p class=\"ssrcss-1q0x1qg-Paragraph e1jhz7w10\">Two plants are already close and a 3rd will forestall production within the coming days, the corporate stated. <\/p>\n<p class=\"ssrcss-1q0x1qg-Paragraph e1jhz7w10\">It&#8217;s the second one time in lower than every week that Sir Jim, who additionally owns a big stake in Manchester United, has closely criticised executive coverage.<\/p>\n<p class=\"ssrcss-1q0x1qg-Paragraph e1jhz7w10\">He instructed BBC News ultimate week that he has misplaced self assurance within the UK, describing the rustic as &#8220;on the slide&#8221;, which he blamed on high taxes and high immigration.<\/p>\n<p class=\"ssrcss-1q0x1qg-Paragraph e1jhz7w10\">Sir Jim, whose wealth is estimated to be round \u00a315bn, has induced controversy prior to now along with his feedback on immigration. He used to be a supporter of Brexit however has been a tax resident in Monaco since 2020.<\/p>\n<p class=\"ssrcss-1q0x1qg-Paragraph e1jhz7w10\">The Department for Business, Innovation, Science and Trade stated it will be a &#8220;concerning time for workers in Saltend and their families&#8221;.<\/p>\n<p class=\"ssrcss-1q0x1qg-Paragraph e1jhz7w10\">A spokesperson stated: &#8220;We&#8217;ve taken bold action to support our chemicals industry including \u00a3350 million for strategically important chemicals producers, which will be available on a co-investment basis.<\/p>\n<p class=\"ssrcss-1q0x1qg-Paragraph e1jhz7w10\">&#8220;We&#8217;ve additionally put industry measures in position on overseas chemical compounds imports and are tackling high electrical energy prices by the use of our Supercharger and British Industrial Competitiveness Scheme to stay our chemical compounds sector aggressive.&#8221;<\/p>\n<\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/www.bbc.co.uk\/news\/articles\/cw305ynd69n6o?at_medium=RSS&#038;at_campaign=rss\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Billionaire Sir Jim Ratcliffe&#8217;s business massive Ineos is pausing production at its 3 plants in Hull, blaming high UK gas prices. The company stated gas prices within the UK are twelve occasions upper than in the United States, and 8 occasions costlier than the coal-based processes utilized by Chinese competition. Sir Jim stated: &#8220;We are [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":8562,"comment_status":"closed","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-8560","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Sir Jim Ratcliffe suspends production at key UK plants blaming high gas prices - Getting Out Of Debt UK<\/title>\n<meta name=\"description\" content=\"Billionaire Sir Jim Ratcliffe&#8217;s business massive Ineos is pausing production at its 3 plants in Hull, blaming high UK gas prices. 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