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The chemical and pharmaceutical industry is fundamental to modern society. With an immense variety of products, from vital medicines and foods, the construction of buildings, to transport and leisure, the industry truly does have an impact on virtually every aspect of our daily lives.
Read moreThe Chemical Industries Association (CIA) has welcomed today’s announcement by INEOS of a £150 million investment at its Grangemouth site, supported by a £75 million Government loan guarantee and a £50 million grant.
The Grangemouth site is critical to the chemical industry and to the wider UK economy, and this joint investment with Government will come as a significant relief. While the CIA welcomes this morning’s news, the association says there is still much more to be done to arrest the current industrial decline.
”Right now, the chemical industry and the communities in which it is based are losing companies and jobs because of an uncompetitive cost base, heavily influenced by the UK’s regulatory and policy framework. We need to make that framework much more attractive for companies to want to invest in the UK. Currently we have a situation that is not just pausing overall investment but leading to closures and job losses.
This can be sorted. Urgent action to address longstanding asks on uncompetitive energy and carbon costs, alongside the cumulative regulatory burden, means we can ensure a strong sector. Positive action here can help rebuild UK supply chains to deliver both a resilient, low carbon economy and a successful UK industrial strategy through the chemicals-dependent growth sectors of advanced manufacturing, clean energy, defence, digital technologies and life sciences”.
INEOS Press Release: https://www.ineos.com/news/shared-news/ineos-announces-150-million-investment-at-its-grangemouth-site-supported-by-the-uk-government-to-secure-the-future-of-british-industry/
ENDS
Simon Marsh
07951389197
MarshS@cia.org.uk
The Department for Energy Security and Net Zero (DESNZ) has accepted the CIA’s counterproposal under the Climate Change Agreement, agreeing to a 5% energy efficiency improvement by 2030, down 7 percentage points from DESNZ’s proposed target of 12%.
The Chemical Industries Association is the organisation representing and advising chemical and pharmaceutical companies located across the UK. Our core membership is a diverse mix of chemical and pharmaceutical companies operating within the UK
