INEOS warns UK chemical industry facing extinction

The UK, which used to be a major force in chemicals, has seen the closure of 10 large chemical complexes in the last 5 years alone and has not had one new chemical plant built for a generation, said INEOS in a statement yesterday (13 Jan).

High energy prices and high carbon taxes have forced the closure of chemical plants in the UK. Energy prices have doubled in the UK in the last 5 years and now stand five times higher than those in the USA.

INEOS warns that UK chemical industry is facing extinction.

“The UK cannot compete with such a huge disadvantage,” remarked the British chemical conglomerate.

For instance, the synthetic alcohol, which is essential for the manufacture of many pharmaceutical drugs, is necessary for many of the new blockbuster drugs. It will now be imported.

“De-industrialising Britain achieves nothing for the environment. It merely shifts production and emissions elsewhere,” said Sir Jim Ratcliffe, Chairman of INEOS. “The UK, and particularly the North, needs high quality manufacturing and the associated manufacturing jobs. We are witnessing the extinction of one of our major industries as chemical manufacture has the life squeezed out of it.”