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Nigel Farage is anticipated to connect with Sir Jim Ratcliffe, the billionaire entrepreneur and originator of Ineos, prior to Christmas as Reform UK hastens efforts to cultivate connections with prominent British business leaders.
Ratcliffe, who co-possesses Manchester United and ranks among the UK’s wealthiest individuals with an estimated net worth of £23.5 billion, verified that Farage had solicited the meeting during a discussion for The Business, a fresh podcast by The Times.
The Ineos chairman, recognized for his candid opinions on energy policy, has been one of the most vocal adversaries of Britain’s net zero objectives, denouncing strategies to eradicate fossil fuels from the power grid by 2030 as “ridiculous”.
He cautioned that the cumulative effect of elevated energy expenses, carbon levies, and inexpensive Chinese imports was “devastating” Europe’s chemical industry and jeopardizing up to one million direct jobs.
“You could likely multiply that by ten when considering all the indirect positions in services — it’s probably ten million roles in Europe and three-quarters of a trillion euros in value,” Ratcliffe remarked.
Ratcliffe’s statements follow Ineos announcing several plant closures and job reductions across Europe.
On Tuesday, the firm eliminated 60 positions — a fifth of its staff — at its Hull acetyls facility, citing energy expenses and a surge of low-cost, carbon-intensive imports from China.
Just a day prior, Ineos confirmed the closure of two chemical plants in Germany, impacting 175 employees. In April, it shut down the Grangemouth oil refinery in Scotland, though the site’s chemical operations continue to function.
Ratcliffe expressed that high operational expenses were undermining competitiveness: “Grangemouth is a decent facility, but it hasn’t turned a profit for two or three years. We’re incurring approximately £130 million a year more on high energy prices and carbon taxes. Over a decade that totals £1.3 billion — funds that should be invested.”
Ratcliffe noted that he had also engaged with Conservative leader Kemi Badenoch, but confirmed that Farage had been the one to reach out personally. Both Reform UK and the Conservatives have indicated their desire to abolish or postpone elements of the UK’s net zero aims if elected.
When questioned about his political position, Ratcliffe stated he remained “neutral”, yet believed many voters were attracted to Farage’s emphasis on taxation, crime, and the economy.
“I believe the majority would support him if he could address those issues,” Ratcliffe remarked. “However, I’ve always maintained a neutral stance on political parties. I simply desire one that governs the country effectively. I cannot envision myself funding policies.”
The Ineos founder further remarked that Britain had transformed into a “high tax, high immigration, high crime” nation, likening the current political sentiment to that which propelled Donald Trump’s victory in the U.S.
He characterized the prime minister as a “reasonable guy” but questioned whether he was “too kind” to make the “difficult decisions” required to tackle structural economic issues.
Reform UK opted not to comment on the impending meeting.
Farage’s initiative to connect with Ratcliffe arises amidst increasing efforts by Reform UK to establish itself as a pro-business party and attract industrial leaders exasperated by high taxes, regulatory demands, and energy policy unpredictability.
For Ratcliffe — whose organization employs 24,000 individuals globally — the conversation will likely revolve around the future of British manufacturing competitiveness, energy security, and trade strategy in a post-Brexit Europe.
As the UK’s chemical sector alerts about declining margins and offshoring threats, the meeting could signify the inception of a deeper political conversation between Britain’s industrial sector and the burgeoning Reform movement.
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