Sir Jim Ratcliffe has warned the UK's chemical industry will collapse if Europe fail to impose US-style tariffs on Chinese imports.
The billionaire boss of Ineos said chemical producers are facing ruin because of rising energy costs and green taxes.
In a letter to European MPs, he highlighted his company's vast ethylene facility in Cologne, Germany, as an example, claiming it was paying €100million (£83m) more than its US equivalent for gas and €40million more for electricity. This is alongside a carbon tax bill of nearly €100million.
He said lawmakers must take action urgently to stop Europe's chemicals industry "becoming extinct."
Sir Jim, whose Ineos empire includes eight manufacturing plants in China, told MPs: “The industry is in crisis with such huge disadvantages. Instead of investing in growth for the future, it is fighting for survival."
He added: “The solution is to ban carbon tax, provide competitive energy for industry and incentivise growth and clean technology.
“We also need tariff barriers while these changes are being implemented or there will be nothing left.
“This is the US approach, where they value industry and its high-value employment and they are leaving Europe behind in their dust.”
FTSE 100
The UK's flagship share index, the FTSE 100, was up nine-points at 8,668 shortly after opening this morning.
Brent crude oil futures were up 0.33%, trading at $73.26 a barrel.
Companies reporting today
26-Feb | |
|---|
Anheuser-Busch Inbev* | Full Year Results |
Aston Martin Lagonda* | Full Year Results |
ConvaTec Group | Full Year Results |
Hammerson | Full Year Results |
Hikma Pharmaceuticals | Full Year Results |
Morgan Sindall Group | Full Year Results |
NVIDIA* | Q4 Results |
Rathbones Group | Full Year Results |
Salesforce* | Q4 Results |