Ineos’ profits, according to Sir Jim, are now mainly derived from the United States, where the Inflation Reduction Act implemented by Joe Biden has introduced a range of generous subsidies for green energy firms. He argued that there needs to be compelling reasons to invest in the UK, similar to the reasons for investing in the US or China.
Just a day prior, Sir Jim criticized the Competition and Markets Authority for blocking Ineos’ proposed £790m takeover of a concrete additives business owned by Swiss rival Sika. He described this decision as another example of how the regulator and the UK government hinder British businesses. Sir Jim highlighted the impact of the North Sea windfall tax and high energy costs, suggesting that the current government is driving businesses away from the UK.
Responding to these remarks, the UK government asserted that the country is open for business and has a clear strategy in place to support UK manufacturing through various schemes that provide funding, talent, and infrastructure for sectors such as automotive, aerospace, and low-carbon technologies.
This is not the first time Sir Jim has criticized the high energy costs faced by energy-intensive businesses in the UK. He has previously advocated for reducing costs to attract more industry and has supported fracking as a means of lowering manufacturing energy expenses. The wholesale electricity prices in Britain have been higher than in many European countries for several years, primarily due to a shift away from coal towards less polluting but more expensive sources of power, even before the Ukraine crisis.
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