
Till yesterday it seemed inconceivable that Grangemouth, representing 2% of Scotland’s GDP and 8% of its manufacturing capacity, could be closed down by an industrial dispute, with 800 jobs lost and another 600 nearby plus 2,000 contract staff severely at risk. The dispute reached rancorous levels from the demands of Ratcliffe, billionaire hedge fund owner of Ineos and apparently orchestrating evens from his yacht on the Cote d’Azur, for the workforce to accept a pay freeze for 2014-16 (and hence probably a real terms pay cut of some 5%), the ending of bonuses till 2016, a lower shift allowance, and the termination of the final salary pension scheme, in addition to demanding that Unite accept a no-strike deal. The ruthlessness with which Ratcliffe is trying to enforce his will, regardless of the consequences, may now threaten both fuel and chemical supplies in Scotland as well as devastate local businesses. Continue reading →