Jim Ratcliffe halts production at Hull chemical plants over ‘ridiculous’ gas prices

Billionaire owner of Ineos says company ‘cannot compete’ with global market despite efficiency of Humberside sites

Billionaire industrialist Sir Jim Ratcliffe is pausing production at three chemical plants in Hull, blaming the UK’s “ridiculously high” gas prices.

Ratcliffe’s chemicals conglomerate, Ineos, said on Tuesday it would “mothball” three chemical plants because the cost made it difficult to compete in the global market.