National security put at risk as China 'deliberately floods market with cut-price chemicals'

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China is deliberately flooding Europe with cut-price chemicals, causing factory closures and putting national security at risk, Sir Jim Ratcliffe has warned.

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In a letter to Ursula von der Leyen, president of the European Commission, the billionaire boss of Ineos warns that urgent action is needed to protect the sector, with 200 chemicals plants in Europe closing in the last five years alone.Were domestic capacity to vanish, prices would soar, he warns.

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Sir Jim points the finger at China, which he says is intentionally "overbuilding its entire chemical industry".

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The excess, he says, "is being ‘dumped' into our European marketplace at unsustainable prices".

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TRENDING Stories Videos Your Say While high energy costs and carbon taxes have caused problems for the "highly stressed" sector, this flood of Chinese chemicals poses "a further and even more difficult threat", Sir Jim warns.

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