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European chemical industry 'threatened by rest of world'

10 March 2014 Last updated at 11:31 GMT

The European chemicals industry is "ceasing to be competitive" with the rest of the world, the chief executive of chemicals giant Ineos has said.

Jim Ratcliffe explained to Radio 4's Today programme that the industry is "very important" as it currently "employs about six million people" in Europe and "has sales of about $1 trillion".

First broadcast on BBC Radio 4's Today programme on Monday 10 March.