As employment in Britain's manufacturing sector hits a two year low, manufacturers' organisation the EEF has warned that rising energy prices are forcing some large companies to consider switching production overseas.
According to the Guardian:
Major British manufacturing companies are considering switching production to overseas sites because of the rising cost of energy and concerns about security of supply, according to a leading business group. Small and medium-sized companies are having to endure rising fuel costs as yet another burden, said the EEF but bigger businesses, concerned that prices in Britain are rising faster than elsewhere, are considering alternatives.
"We have picked up anecdotal evidence that [bigger] companies are looking at switching production," said Steve Radley, the EEF's chief economist. "We are not looking at companies closing down in the UK but switching to other places where energy prices and risks are less."