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Sir Jim Ratcliffe has suspended production at three chemical plants owned by his company Ineos in Hull due to high gas prices, which he describes as "ridiculously high" compared to other countries. Approximately 240 employees are directly affected, but if the plants close permanently, around 4,000 jobs could be lost including those in supply chains. Ratcliffe claims UK gas costs are significantly higher than those in the US and China, impacting Ineos’s competitiveness globally. The UK government has announced measures to support manufacturers, including a £350 million co-investment scheme and electricity cost reductions for businesses.
Written locally by qwen2.5:14b on 2026-09-22,
using this article's own text rather than the other coverage of the
same event (that is the story summary below).
Story summary
Sir Jim Ratcliffe, founder of Ineos, a major chemical company, announced that his firm would temporarily halt production at three chemical sites in Hull due to extremely high natural gas prices in the UK. Gas costs are 12 times higher than in the US and eight times more expensive than in China, where coal is predominantly used. This decision affects up to 4,000 jobs, with about 240 directly employed by Ineos and another 3,000 indirectly linked through supply chains.
Ratcliffe cited high UK taxes and immigration as factors contributing to the country's economic challenges, blaming them for high gas prices that are making it difficult for Ineos to compete globally. The affected plants produce raw materials used in pharmaceuticals, clothing, cosmetics, detergents, construction materials, and military explosives. Workers at the sites will remain employed during the temporary closure while Ineos seeks alternative solutions, such as securing liquefied natural gas (LNG) directly from the US or waiting for a decrease in UK gas prices.
Written for “Ineos Plant Shutdowns Gas Prices” on 2026-10-05,
grounded in this article and the 3 other(s) covering the same event.
Billionaire industrialist Sir Jim Ratcliffe is pausing production at three chemical plants in Hull, blaming the UK’s “ridiculously high” gas prices.
asserted
Ratcliffe → pause → prices
Ratcliffe’s chemicals conglomerate, Ineos, said on Tuesday it would “mothball” three chemical plants because the cost made it difficult to compete in the global market.
asserted
it → say → market
Production has already been paused at two of the Humberside plants and the third is due to come offline in a few days, according to Ineos.
uncertain
third → pause → Ineos
About 240 people are directly employed by the company across the three sites.
asserted
people → employ → sites
Ineos said that the number of jobs on Humberside that would be affected by a permanent closure would rise to 4,000 including those employed in the sites’ supply chains.
asserted
that → say → chains
“I’m sure people will find it hard to believe that we are being forced to mothball some of the most efficient plants in Europe,” Ratcliffe said in a statement.
asserted
Ratcliffe → ’m → statement
“[W]e just cannot compete.”
asserted
W]e → compete → ?
The Monaco-based billionaire claimed that gas prices in the UK were 12 times higher than in the US and eight times more expensive than the coal increasingly used by chemical plants in China.
asserted
prices → base → China
The rising cost of gas in recent years has taken a heavy toll on Europe’s chemicals industry, including the Ineos empire, because it is a vital feedstock used to make the chemical building blocks required to manufacture products ranging from textiles and pharmaceuticals to detergents.
asserted
it → rise → detergents
Gas prices tend to be higher in the UK than in other parts of Europe due to the country’s reliance on gas for heating and electricity generation.
asserted
prices → tend → heating
Historically this reliance was met by the UK’s domestic North Sea reserves, but as production declines the UK has become increasingly reliant on imports.
asserted
UK → meet → imports
The co-owner of Manchester United also said that the UK government’s energy policy was “leading to economic vandalism on an industrial scale” by losing jobs to China and the US “and driving up global CO2 emissions at a stroke”.
asserted
policy → say → stroke
“Not only is the ridiculously high gas price in the UK destroying our manufacturing base and the jobs of hard-working people on Humberside, it is also massively increasing the environmental burden with replacement products supplied from the USA at double the carbon emissions and from China at eight times the emission level,” Ratcliffe said.
asserted
Ratcliffe → destroy → level
A government spokesperson said ministers had taken “bold action” to support the UK’s chemicals industry, including the launch of a £350m co-investment scheme and trade measures on foreign chemicals imports.
asserted
ministers → say → imports
The spokesperson said the government was preparing to tackle high electricity costs via a pair of discount schemes for manufacturers.
asserted
government → say → manufacturers
The first aims to reduce electricity bills by up to 25% for more than 10,000 manufacturing businesses, while a “supercharger” scheme will cut electricity costs for hundreds of the UK’s most electricity-intensive businesses by more than £400m a year.
asserted
scheme → aim → m
“While this is a commercial decision from Ineos, we know this will be a concerning time for workers in Saltend and their families,” the spokesperson added.
asserted
spokesperson → know → Saltend
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