Ineos Halts Production in Hull Amid 'Ridiculously High' UK Gas Prices

Chemical manufacturer Ineos has temporarily halted production at its three plants in Hull due to high UK gas prices. The company's billionaire owner, Sir Jim Ratcliffe, blames the 'ridiculously high' prices for 'destroying our manufacturing base and the jobs of hard-working people on Humberside'.

The plants produce raw materials used in various industries such as pharmaceuticals, clothing, cosmetics, construction, and military explosives. Approximately 1,000 employees will be directly affected by the decision, with a potential knock-on impact to around 3,000 skilled jobs in the region.

UK natural gas prices have doubled between July and September, reaching their highest level since December 2022. This surge is largely attributed to the US-Israel conflict in Iran and disruptions to oil and gas supplies through the Strait of Hormuz.