Britain announced the disappearance of the chemical industry.

The British chemical industry is on the brink of extinction,  Jim Ratcliffe, founder of global chemical giant Ineos said.

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“We are witnessing the extinction of one of our major industries as the chemical industry is squeezed dry,” Ratcliffe said.

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This is how Ratcliffe commented on the closure of the country’s last Ineos synthetic ethanol plant in Grangemouth, Scotland. The closure of the plant, which has operated in Scotland for more than 40 years, became known last week. The reasons for the plant’s closure were high energy prices and carbon taxes.

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“Deindustrializing the UK does nothing for the environment. It simply moves production and emissions elsewhere. The UK, and particularly the north, needs high-quality manufacturing and the jobs that come with it,” Ratcliffe added.

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The UK is now entirely dependent on imports of synthetic ethanol, which is commonly used in products ranging from medicines and paints to cosmetics and disinfectants.

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According to the head of Ineos, over the past 5 years, 10 large chemical complexes have closed in the UK and not a single new chemical plant has been built.