Agency says six in ten businesses in the UK could close due to rising electricity prices Bloomberg.
According to a survey by Make UK, a group that represents manufacturers in the UK, around half of manufacturers have experienced a more than 100% increase in electricity costs in the past year. The study also says that 13% of factories are reducing their working hours and 7% are suspending production for longer.
“The current crisis puts businesses before a serious option – to cut production or close shops if help doesn’t arrive soon,” the report says.
Ofgem, formerly the British state regulator of electricity and gas markets declarationHe said London electricity bills will rise 80% from October to an average of £3,549 ($4,188).