60% of Great Britain’s manufacturing sector risks closure due to soaring energy prices

The Most Revolutionary Act

60% of Great Britain’s manufacturing sector risks closure due to soaring energy prices
Dr Eddy Betterman

The results of a new survey on the current state of the British economy are dire, suggesting that as many as six in 10 manufacturing businesses throughout the country are at risk of closing due to skyrocketing energy bills.

MakeUK, a manufacturing lobby organization in the United Kingdom, announced over the weekend that 42 percent of British manufacturing businesses have already seen their electricity bills double over the past year. About 32 percent have also seen their gas bills double.

Already, some 13 percent of British manufacturers have had to pare down their hours of operation to compensate for energy inflation. Twelve percent, we are told, have had to lay off workers as a result of ever-increasing energy costs.

If things continue on the current hyperinflationary trajectory – and there is no reason to believe otherwise – then at least 50 percent of British manufacturing businesses will…

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