THE high cost of energy could drive companies out of the UK, according to the EEF, the manufacturers’ organisation.
The EEF claims that the projected 50 per cent rise in electricity prices by 2020 would harm British manufacturing. The warning follows research from the EEF which shows that rising energy costs would lead to a quarter of manufacturers considering investment overseas.
Andy Tuscher, Yorkshire region director at EEF, said: “This is a wake-up call that the tension between the pursuit of low carbon policies and Britain’s ambitions for a better-balanced economy must be resolved. Failure to do so could hit investment, margins and competitiveness, putting the brakes on growth and leaving our economy stuck in the slow lane. Low carbon is rapidly becoming synonymous with anti-competitive, which is why we are urging all parties vying for government to commit to review and reform current policies.”