INEOS CEO Jim Ratcliffe has told the Sunday Times that the UK government “refused financial help” last year, when sales collapsed. He revealed that:
• The company had approached the UK government for help with liquidity, including deferral of VAT (sales tax) payments, but “got absolutely nowhere“.
• Ratcliffe had even found it “quite difficult to get access” to senior Government ministers, despite it being the UK’s largest privately-owned company.
The blog shares INEOS’ frustration, and hopes that the next UK government will prove more responsive to industry’s needs.
Its private lobbying of government on chemical industry issues has had some success over the past 18 months. But on one super-critical issue, it received more support from the Bank of England than the politicians.
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