Sir Jim Ratcliffe has shut down production at his three Ineos chemical plants in Hull, claiming high gas prices "forced" the company to mothball the assets.
The billionaire Chairman of the industrial giant made headlines over the weekend by saying the UK was "on the slide" as a result, principally, of high taxes and immigration.
Now, Sir Jim has followed up by shutting down three Ineos plants in Hull which produce acetyls - chemicals used for pharmaceuticals, food and military explosives. Gas is a key ingredient in the chemicals' production.
Sir Jim said: "We are being forced to mothball some of the most efficient plants in Europe, but with gas prices now 12 times the level in the US and eight times that of China, we just cannot compete."
Accusing the UK government of "economic vandalism", he argued the Hull plants "just cannot compete" due to high has prices.
The move will impact up to 1,000 Ineos staff, including 245 who work directly at the site.
Ineos said the move will affect up to 1,000 of its staff, of whom 245 work directly at the site.
But the BBC understands workers across the sites will be kept on while Ineos tries to buy liquefied natural gas (LNG) directly from the US at lower prices - which could take up to a year - or waits for gas prices to go down.
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