Grangemouth – six things you need to know

1. Why have I heard of Grangemouth before?

Its oil refinery is of huge strategic importance, providing 80pc of Scotland’s fuel and large chunks of England’s too. That’s why a 2008 strike at the site hit the news: it led to panic-buying of petrol in Scotland. The plant’s owners had, then, put forward proposals to phase in a contributory pension scheme for new workers, leading to the workers walking out for two days. Pension liabilities is the big problem (below).

2. What’s closing?

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Matthew Lynn

Spain will regret its 100 per cent expat property tax

At the Grangemouth site there’s an oil refinery – one of seven in the UK – that processes oil from fields in the North Sea. There’s also a petrochemicals site which produces other chemicals, mostly used as precursors in manufactuing, and that’s what’s under threat. The petrochemicals plant depends on supplies of ethane.