Chemicals firm owned by UK’s richest man Sir Jim Ratcliffe announces £1bn investment in Britain’s energy industry
Ineos’s investment announcement has triggered fresh outrage over Sir Jim Ratcliffe’s tax affairs
The chemicals company owned by Britain’s richest man, Sir Jim Ratcliffe, has announced a bumper £1billion investment in the UK’s energy industry this year.
But Ineos’s announcement has triggered fresh outrage over Ratcliffe’s tax affairs, after it was reported that he and two colleagues are looking to avoid paying up to £4billion by moving to Monaco.
Ineos will spend £500million to extend the life of the Forties Pipeline system, which transports around 40 per cent of the UK’s North Sea oil and gas, by around 20 years.
Ineos will also invest £350million in a new energy plant at Grangemouth, Scotland, and £150million in a petrochemicals plant in Hull.
Ratcliffe, 66, who topped the Sunday Times’ rich list last year with £21billion, owns 60 per cent of Ineos.
Robert Palmer, executive director of Tax Justice UK, said: ‘While investment in the UK is welcome, there are big questions over Jim Ratcliffe’s reported plans to become a tax exile in Monaco.
‘We need to fix the system to make it harder for wealthy individuals and big companies to slash their tax bills.’