"The UK is at risk of losing its status as a major manufacturing centre after a sharp rise in energy prices that has forced about 40% of businesses to cut back investment, according to a report by the CBI and Energy UK. In a stinging message to ministers, the report said British businesses from chemical producers to pubs and restaurants were being undermined by a failure to cap prices and upgrade the UK's ageing gas and electricity networks."
"Energy UK, which represents more than 100 electricity generators and retailers, said business electricity costs remained 70% higher than before Russia's invasion of Ukraine, while gas prices were 60% higher. A survey underpinning the report found that almost 90% of firms have seen energy bills rise over the last five years and four in 10 had reduced investment as a result."
"The aim is to persuade ministers that initiatives to improve the UK's energy system have not gone far enough, leaving the UK in danger of widespread deindustrialisation. The UK has some of the most expensive industrial energy prices in the developed world. They are almost two-thirds above the median of International Energy Agency (IEA) countries and the highest among G7 members."
Sharp rises in energy prices have forced about 40% of businesses to cut investment and risk undermining the UK's manufacturing status. Business electricity costs remain about 70% higher and gas about 60% higher than before Russia's invasion of Ukraine, with almost 90% of firms seeing higher bills over five years. Failure to cap prices and upgrade ageing gas and electricity networks is cited as damaging producers ranging from chemicals to hospitality. Ministers and industry are urged to conduct a comprehensive review and create a taskforce to propose reforms that could lower prices, improve network efficiency and reduce the risk of job losses, plant closures and offshoring.
Read at www.theguardian.com
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