High energy prices threaten UK’s status as manufacturing power, business groups say

A survey underpinning the report found almost 90% of firms have seen energy bills rise over the last five years. Photograph: Praphan Jampala/Shutterstock

The UK is at risk of losing its status as a major manufacturing centre after a sharp rise in energy prices that has forced about 40% of businesses to cut back investment, according to a report by the CBI and Energy UK.

In a stinging message to ministers, the report said British businesses – from chemical producers to pubs and restaurants – were being undermined by a failure to cap prices and upgrade the UK’s ageing gas and electricity networks.