Manufacturing: powering the economy – an agenda for Government to 2020
13th October 2014
EEF is calling on all parties to put delivering a long-term growth strategy at the top of their agenda for government. This should build on existing sector industry strategies, adding a strategic approach to working across government.
The report predicts a 50% rise in electricity costs by 2020 which would hit investment, margins and competitiveness, potentially halting economic growth and driving a quarter (25%) of manufacturers to invest in facilities outside the UK.
Almost three quarters (73%) of manufacturers said that such a considerable rise in electricity costs would have a noticeable impact on their profit margins, more than half (53%) said it would hit their competitiveness and more than one in three (34%) would be forced to cut spending in other areas of their businesses.
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