Ineos Ends £3bn UK Investment Moves Operations to US

Sir Jim Ratcliffe's energy company Ineos has ceased all investment in the UK, redirecting £3 billion towards its operations in the United States due to what it describes as an unstable fiscal environment in Britain. The company cites Labour's taxation policies on North Sea oil and gas production, including the windfall tax and high energy costs driven by green levies, as key reasons behind this strategic shift. Ineos recently closed its Grangemouth oil refinery in Scotland after a century of operation, resulting in the loss of hundreds of jobs, and has warned that its Olefins and Polymers plant is also at risk. Brian Gilvary, Ineos Energy's chief executive, emphasized that the uncertainty over future tax rates in the UK makes sustainable investment impossible, contrasting this with the US, which he praised for its consistent and supportive energy policies. The UK government maintains that the windfall tax will end by 2030 and is working with the sector on future plans, while facing calls to increase North Sea drilling amid energy security concerns. This development highlights the challenges facing UK energy producers under current fiscal policies and the broader debate on balancing environmental goals with domestic energy production.