Britain ‘faces deindustrialisation’ without relief from high energy prices, survey warns
Summary
Many manufacturing companies in Britain face bankruptcy or plan to move overseas because of very high energy costs. Industry leaders warn that without government help to lower energy prices, the UK's industrial sector could shrink significantly.Key Facts
- High energy prices in the UK are about twice those in Europe and four times higher than in the US.
- A quarter of manufacturing firms plan to move production overseas or already have.
- One in ten companies think they might go bankrupt within a year.
- Nearly half of the firms have seen energy bills rise due to conflicts in the Middle East.
- Most companies have raised prices for customers but still expect lower profits.
- About 38% have delayed investments, and over 20% have cut jobs because of high costs.
- Larger companies tend to move production to Europe or Asia for cheaper energy; smaller firms cut costs to survive.
- Industry group Make UK wants the government to cover energy taxes for factories, like in France and Germany, and expand current subsidy programs.
Read the Full Article
This is a fact-based summary from The Actual News. Click below to read the complete story directly from the original source.