With gas prices rising fourfold in recent months, British factories are teetering on the edge of closure if their products cannot be made at a competitive cost to sell on the international market.
UK steel makers are already paying 50 to 80 per cent more for electricity than German makers and claim they need a £55million bailout just to stay open. Scunthorpe-based British Steel is adding surcharges of up to £30 a tonne to its products to cover higher energy costs. As new coal-fired power stations open every month, Chinese steel makers are laughing all the way to the bank.
With the UK jobs market surging to a 20-year record high of 1.1 million vacancies between July and September this year, according to figures from the ONS out this week, it would be a pity to put all that bounce-back positivity at risk as Britain’s manufacturers are forced to shut because of skyhigh energy costs.
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