Britain's manufacturing sector is losing jobs to overseas competitors as high energy costs erode the country's industrial competitiveness, a manufacturing group and trade union warned.
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UK manufacturers warn energy costs push 170 jobs overseas
Britain's manufacturing sector is losing jobs to overseas competitors as high energy costs erode the country's industrial competitiveness, a manufacturing group and trade union warned.
High energy costs are pushing British manufacturing jobs abroad and threatening the survival of major industries, a manufacturing group and trade union body warned Monday, urging the government to do more to reduce companies' power bills.
The groups said current energy pricing places UK manufacturers at a significant disadvantage compared with competitors in Europe and North America, calling for immediate government intervention.
A century-old British manufacturer recently collapsed into administration with the loss of 170 jobs, citing soaring energy costs as a primary factor, according to a separate report. The groups warned that further job losses are likely without government action to reduce industrial electricity prices.
The warning comes as the government reviews its industrial energy pricing framework. The outcome will determine whether Britain retains its energy-intensive manufacturing base or whether more production capacity moves abroad, the groups said.
This article is for informational purposes only and does not constitute investment advice.
[1] UK losing jobs abroad due to high energy costs, manufacturers and union warn[2] Global Employment Slumps As Business Outlook Darkens And Costs Rise[3] Ceiling specialist sinks into administration with 170 jobs lost[4] Century-old British manufacturer collapses into administration with 170 jobs lost amid soaring costs
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