Ratcliffe mothballs three Hull chemical plants, warning Labour's energy policy is 'economic vandalism on an industrial scale'

From the Newshound archive · first published 22 September 2026 · last updated 23 September 2026.

Sir Jim Ratcliffe has paused production at three Ineos chemical plants in Hull, blaming UK gas prices he says are 12 times higher than in the US and eight times the cost in China. The billionaire accused Labour's energy policy of causing "economic vandalism on an industrial scale" and warned the sites simply "cannot compete." Around 245 workers are directly employed at the three Humberside plants, with up to 4,000 supply chain jobs at risk if the mothballing becomes permanent. The sites — Europe's last world-scale acetyls producers — make raw materials for pharmaceuticals, clothing, cosmetics and military explosives.

Ineos said it would suspend operations at the Acetic Acid, Anhydride and Ethyl Acetate plants despite calling them 'some of the most efficient plants in Europe.'

Ratcliffe, who is Monaco-based, has also claimed the government's energy approach is driving firms to manufacture overseas, gutting Britain's industrial base.

An i News opinion column hit back, branding Ratcliffe a 'tax exile' and 'Brexit-supporting economic migrant' with no standing to lecture the country he left.