2022-09-04 22:21:18
60% of British factories at risk of going under as energy bills soar
MakeUK, the lobby group for UK factories, said that nearly half of manufacturers have experienced a jump in electricity bills of more than 100% in the past year
Soaring energy bills are threatening to put six in 10 British manufacturers out of business, according to a survey that lays bare the extent of the crisis.
MakeUK, the lobby group for UK factories, said that nearly half of manufacturers have experienced a jump in electricity bills of more than 100% in the past year.
“The current crisis is leaving businesses facing a stark choice,” the report said. “Cut production or shut up shop altogether if help does not come soon.”
MakeUK’s survey said that 13% of factories have reduced hours of operation or are avoiding peak periods, while 7% are halting production for longer stretches.
“Emergency action is needed by the new government,” said Stephen Phipson, MakeUK’s CEO. “We are already lagging behind our global competitors.”
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