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Jim Ratcliffe chemical firms received up to £70m of UK state aid in last four years

about 11 hours ago
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Chemical companies owned by the billionaire Jim Ratcliffe had already been granted as much as £70m in UK state aid in the past four years, before this week’s £50m government bailout for its Grangemouth plant in Scotland.State aid to Ineos in the last year alone was between £16m and £38m, according to government disclosures published this week.Since August 2022 the company has received between £28m and £70m.The government stepped in on Tuesday to give Ineos £50m to support Grangemouth, fearing that without it the UK would lose its last plant making ethylene, an important material for making plastics.The government also backed a £75m loan guarantee, while Ineos will invest £30m of its own money.

Ineos had already closed the next-door oil refinery in September 2024 with the cost of 400 jobs, in a huge blow to the community and a political problem for the government.Ratcliffe, who is worth $14.5bn (£11bn) according to Bloomberg’s billionaires index, asked the government for help in October.It comes at a time when the expansive group of Ineos companies, controlled by the 73-year-old, has been under financial pressure, in part because of the big increase in energy costs after Russia’s full-scale invasion of Ukraine in 2022.Fitch Ratings downgraded Ineos’s credit rating in September, in a sign of increasing concern over its ability to repay its debts.

Ratcliffe has also had to spend heavily on his off-road car venture, the Ineos Grenadier, as well as seeking to turn around Manchester United, in which he holds a minority stake.Most of the previous state aid to Ineos came in the form of tax breaks in return for “voluntary agreements to reduce energy use and carbon dioxide emissions”.The tax breaks for Ineos’s plants in Grangemouth and Hull are reported as ranges, rather than giving precise figures.An Ineos spokesperson said the aid was not “special treatment” for Ineos, but was “awarded against strict criteria, and available to any UK business that qualifies”.Ratcliffe this week welcomed the £50m support for the chemicals business in a statement included in a government press release.

However, Ineos issued a separate release that contained much more critical comments, in which the billionaire strongly criticised government policy, including carbon taxes that are paid by industrial users on their energy bills.“The answer is NOT decarbonisation by deindustrialisation,” Ratcliffe wrote.“Without a strong manufacturing base, the economy will continue to decline.High energy costs and punitive carbon charges are driving industry out of the UK at an alarming rate.”In further comments to media outlets this week, Ratcliffe described carbon taxes as “the most idiotic tax in the world”.

He argued that the taxes leave UK plants at a disadvantage to foreign rivals, which do not have to pay the extra costs.Most chemicals and plastics are not part of the UK’s initial carbon border adjustment mechanism, a tax on high-carbon imports such as steel, glass, cement and fertilisers.An Ineos spokesperson said: “Ineos has invested over £400m at Grangemouth in the last five years to keep it one of the most efficient chemical plants in Europe and to protect skilled jobs.UK chemicals have had a brutal year, yet everyone relies on this industry every day.If we don’t make these essential materials in the UK, they are imported instead, often from higher-carbon production abroad.

”Colin Pritchard, head of sustainability and external affairs for Ineos’s Olefins & Polymers division, this week said the money for Grangemouth would be devoted to improving energy efficiency, cutting its carbon emissions and improving performance.He said the site, which runs an ethylene cracker that takes North Sea gas and liquified petroleum gas from the US to make its petrochemicals, had been under “extreme pressure” from surging energy costs linked to Russia’s invasion of Ukraine and the UK’s carbon taxes.Ineos has previously received tax breaks worth hundreds of millions of euros from the EU.Ratcliffe was a prominent backer of the campaign to leave the EU.
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How to eat, drink and be merry – while pregnant – at Christmas

For a festival with childbirth at its religious heart, it is perverse how much of our traditional Christmas spread isn’t recommended for pregnant women. Pre-pregnancy, this was not something I’d clocked. I was the soft cheese supremo, canape queen – at my happiest with a smoked trout blini in one hand and a champagne flute in the other. Then one day in October, two blue lines appeared on a test result and everything started to change: my body, my future and most pressingly my Christmas.The Guardian’s journalism is independent

2 days ago
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Jeremy Lee’s recipe for almond, chocolate and prune tart

A recipe box was rifled through, but, alas, much like shopping for a present last minute, nothing leapt to the fore. Out of the corner of an eye I spied an old folder of pudding menus, all stained and tattered. A wonder at how this might have escaped notice was soon dispelled – unsurprising, really, given the usual state of my desk and shelves – and the page on which it fell open revealed the scribbles for a midwinter pudding menu. And, just like that, as if the scent rose from the page itself, came a memory of an almond, chocolate, walnut and prune tart being lifted from the oven, all mahogany hued and with a few bubbles bursting from the pieces of chocolate among the prunes peeking out.My appetite for almond tart has never waned; be it in a restaurant kitchen or at home, an almond tart is nigh-on inevitable

3 days ago
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Creme brulee and chocolate bundt cake: Nicola Lamb’s Christmas crowdpleasers – recipes

Even though our to-do lists are longer and our homes busier than ever, there’s something about Christmas that gives us the extra chutzpah to bake. And not just any baking, but baking for a crowd. So, with this in mind, here are two crowdpleasing recipes – a rich hazelnut “Nutcracker” creme brulee and a resplendent chocolate fondant bundt cake – with a few make-ahead and shortcut secrets to give you a head start.Serve this rich, decadent dessert warm from the oven in the centre of the table, piled with ice-cream (and perhaps pouring cream, too – why not? It’s Christmas!). The batter can be made and kept in the fridge for up to 24 hours, then baked from chilled; add an extra 10 minutes to the cooking time if you do so, though

3 days ago
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How to turn excess yoghurt into a silky-smooth dessert – recipe | Waste not

A delicious, gelatine-free panna cotta that saves yoghurt from the waste binI was really shocked to learn from environmental action NGO Wrap that, of the 51,000 tonnes of yoghurt that’s wasted in the UK every year, half of it is in unopened pots! The reason is our old arch enemy, date labels, which can cause confusion and trick us into thinking that perfectly safe yoghurt is not OK to eat. That’s one reason many supermarkets have scrapped use-by dates on the likes of yoghurt, but they still use best-before dates. Remember, if a product doesn’t have a use-by date, always do the sniff test before throwing it away.Today’s recipe is a light, gelatine-free version of panna cotta that’s instead set with agar agar (a type of seaweed), which gives it a soft-set texture. It’s refreshing, deliciously sour and simple to make

3 days ago
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Benjamina Ebuehi’s pistachio and cherry meringue cake recipe | The sweet spot

I’m switching up my usual Christmas pavlova this year for a slightly different but equally delicious meringue-based dessert. Discs of pistachio meringue are baked until crisp, then layered with pistachio cream and cherry compote. The meringue softens a little under the cream as it sits, giving it a pleasingly chewy, cake-like texture. A very good option if you’re after a Christmas dessert without chocolate, alcohol or dried fruit.Thanks to the viral Dubai chocolate bar, pistachio creme is quite easy to come by in most supermarkets these days; it’s already sweetened and brings a lovely, soft green colour

4 days ago
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Australian supermarket canned peaches taste test: the winner has an ‘absurdly low price’

In a blind taste test, Nicholas Jordan tastes 14 peaches in cans and plastic jars, in juice and syrup – but only one brand is worthy of decorating a pavlovaIf you value our independent journalism, we hope you’ll consider supporting us todayGet our weekend culture and lifestyle emailBefore this taste test, it had probably been 20 years since I last ate a canned peach. But unlike most things that happened 20 years ago, I have a strong memory of the experience. Canned, tinned or any packaged peaches weren’t a staple of my childhood (neither were fresh peaches – I was too fussy to like much except plain carbs, sausages, apples and ice-cream). But somehow I remember not only eating tinned peaches but loving them, soft like panna cotta and as syrupy as a gulab jamun. Not quite the same as a fresh peach but delicious in a different way

4 days ago
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Donald Trump promised a new ‘golden age’ for the US economy. Where is it?

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Retailers hope ‘panic weekend’ will bring Christmas cheer to UK sales

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‘A black hole’: families and police say tech giants delay investigations in child abuse and drug cases

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The Com: the growing cybercrime network behind recent Pornhub hack

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Harry Brook’s moment of madness a fitting epitaph for England’s flawed cult of Baz | Barney Ronay

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Pat Cummins primed to pop the corks after bursting England’s fragile bubble | Geoff Lemon

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