Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Araghchi to Grossi: These parties will bear responsibility for the consequences of their actions
Araghchi to Grossi: Iran will respond to any unlawful action by European countries or parties attempting to turn the Agency into a tool for achieving their objectives
Araghchi to Grossi: We urge the Agency to warn against the consequences of any political move against Iran
Araghchi to Grossi: We call on the Agency to highlight Iran’s full cooperation during the upcoming Board of Governors meeting next week
Araghchi to Grossi: We demand that the Agency reflect the facts in a manner that prevents certain parties from exploiting it to advance their political agendas
Iranian Foreign Minister Abbas Araghchi holds a phone call with IAEA Director General Rafael Grossi
Trump envoy Witkoff has sent 'detailed and acceptable proposal' to Iran for nuclear deal; it's in their best interest to accept it: White House Press Secretary Leavitt
Hamas official says Witkoff's position toward group was 'unfair' and shows 'complete bias' to 'Israel'
Hamas official says it has considered Witkoff's proposal acceptable for negotiations, says 'Israel's' response was incompatible with what the group agreed on
Hamas official says group has not rejected Wikoff's proposal for Gaza ceasefire

British factories face risk of closure due to high electricity bills

  • By Al Mayadeen English
  • Source: Agencies
  • 3 Sep 2022 19:44
  • 3 Shares
3 Min Read

A research study led by MakeUK, the British Manufacturers Association, indicates that 6 out of 10 British manufacturers are at risk of closing due to soaring electricity bills, which have peaked at a 100% increase.

  • x
  • British factories facing risk of closure due to high electricity bills
    Rising electricity bills could lead to the closure of 6 out of 10 manufacturers in the UK. 

Bloomberg reported that 6 of 10 factories in the UK are facing closure due to soaring energy bills.

The agency quoted the results of research led by the British Manufacturers Association MakeUK, which found that nearly half of UK manufacturers have experienced a jump in electricity bills of more than 100% in the past year.

Gas comprises a crucial part of Britain's energy mix, with tens of millions of homes relying on gas-powered boilers for their heating. Starting January next year, average bills could top £5,000 according to some projections, as Ofgem updates the cap every three months rather than the previous norm of twice a year. 

Ofgem had also previously announced that the energy price cap will be raised by 80% starting October 1, and the average gas and electricity bill will be £3,549 a year. 

Probably the most important number to watch right now: the wholesale price of natural #gas (well off the peaks that prompted some of the scariest forecasts for UK #inflation, though still high)... #energycrisis

ps. you can track the data yourself here: https://t.co/1AxuOaG4C1 pic.twitter.com/uZsCKzWUZ4

— Julian Jessop 🇬🇧 🇺🇦 (@julianHjessop) September 2, 2022

A research conducted by IMF, the agency found that the energy crisis was affecting British family budgets more than any other country in Western Europe. 

The research also noted that compared to other European countries, Britain has a far wider disparity in the cost burdens placed on low-income and wealthy families. This was ascribed to the UK's high reliance on gas to create energy and heat houses during a period of surging gas costs. The IMF also notes that the UK has the least energy-efficient housing in Western Europe.

Related News

CNBC unveils strategic plan to revitalize Syria energy sector with US

Iran in talks with Gulf States to expand cross-border energy exchange

Read more: India becomes 5th largest economy, pushing the UK to 6th place

The UK economy contracted by 0.6 percent in June and decreased 0.1 percent between April and June, compared to a growth of 0.8 percent in the previous three months.

Christopher Dembik, head of macro analysis at Saxo Bank, said that “What Brexit has not done by itself, Brexit coupled with Covid and high inflation have succeeded in doing,” adding that “The UK economy is crushed.”

Health experts have also warned the government of a potential "humanitarian crisis" due to the sharp increase in energy prices.

The National Health Service, which brings together a number of public health organizations, said that “many people could face the awful choice between skipping meals to heat their homes and having to live in cold, damp, and very unpleasant conditions."

An NHS chief has warned last month that soaring energy costs will kill more than 10,000 people this winter; a situation the NHS Confederation referred to as a "humanitarian crisis".

The International Monetary Fund (IMF) has warned that the UK faces the slowest rate of growth in the G7 next year.

Read more: Gas futures in Europe top $3,500 per thousand cubic meters

  • UK
  • Electricity
  • Gas prices
  • Sanctions on Russia
  • gas
  • inflation

Most Read

President Donald Trump and Israeli Prime Minister Benjamin Netanyahu arrive to a news conference in the East Room of the White House, Tuesday, Feb. 4, 2025, in Washington (AP)

Rift widens: Trump, Netanyahu clash in heated phone call over Iran

  • Politics
  • 26 May 2025
US judges quietly consider private security amid Trump tensions

US judges quietly consider private security amid Trump pressures

  • US & Canada
  • 25 May 2025
An Israeli army vehicle moves in the Gaza Strip as seen from southern occupied Palestine, Thursday, May 29, 2025 (AP)

Hamas rejects Witkoff ceasefire plan, says alters terms

  • Politics
  • 29 May 2025
Spokesperson for the Yemeni Armed Forces, Brigadier General Yahya Saree, announces a new operation against Ben Gurion Airport on May 29, 2025 (Yemeni Military Media)

Yemen announces successful hypersonic missile strike on Ben Gurion

  • Politics
  • 30 May 2025

Coverage

All
War on Gaza

Read Next

All
MIT bans class president who gave pro-Palestine speech
US & Canada

MIT bans class president over pro-Palestine speech

Arab ministers condemn Israel 'ban' on planned West Bank visit
Politics

Arab ministers condemn Israeli ban on planned West Bank visit

Major General Hu Gangfeng, Vice President, National Defense University, People's Liberation Army, China, leaves after a panel discussion during the 22nd Shangri-La Dialogue summit in Singapore, Saturday, May 31, 2025. (AP Photo/Anupam Nath)
Politics

China blasts Hegseth, calls US top 'troublemaker' in Asia-Pacific

US activists demand shutdown of Musk's 'dirty' supercomputer: Reports
Technology

US activists demand shutdown of Musk's 'dirty' supercomputer: NBC News

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS