Jim Ratcliffe has thrown his support behind Conservative proposals to scrap carbon taxes, intensifying the debate over the cost of net zero policies and their impact on UK industry.
The billionaire founder of Ineos said he welcomed plans from Kemi Badenoch to remove levies on carbon emissions, arguing that current policies are undermining competitiveness and driving up energy costs for businesses and households.
Ratcliffe said he supported a pragmatic approach to energy policy that ensures affordability while maintaining environmental goals, warning that excessive taxation risks damaging domestic industry.
The Conservative proposal would scrap carbon pricing mechanisms such as the UK Emissions Trading Scheme (ETS), which requires industrial firms to purchase allowances to cover their emissions.
Supporters of the move argue that these costs place UK manufacturers at a disadvantage compared with international competitors, particularly in countries where carbon pricing is less stringent or absent.
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