DATA & FIGURES
Key figures include: 25% of firms surveyed have already relocated parts of their production overseas or are actively considering moving, 38% of businesses have frozen or delayed investment plans, and 21% have been forced to cut staffing levels. Additionally, 50% of an industrial business's energy bill consists of government carbon taxes and levies allocated for electricity grid upgrades.
THE SCENARIO
The UK's high dependence on natural gas for power generation, limited operational gas storage, and aging infrastructure have contributed to the energy crisis.
DIRECT QUOTE
"Manufacturing investment goes where energy is affordable and reliable. Britain currently offers some of the highest industrial electricity prices in the developed world." — Alex Kimani, Veteran finance writer, investor, engineer, and researcher for Safehaven.com
BBN INSIGHT
The UK's energy crisis is a stark reminder of the need for a comprehensive energy strategy that addresses the country's dependence on natural gas and promotes renewable energy sources.