British factories are at risk of closure due to high electricity prices

According to the American company “Bloomberg”, 6 out of 10 factories in Britain may close their doors due to the increase in electric energy prices.

Citing the results of research conducted by the British Manufacturers Association (Make UK), rapidly rising electricity bills could lead to the closure of 6 out of 10 factories in the country.

The research also indicated that around half of British industries have seen their electricity bills increase by more than 100% over the last year.

The British Energy Regulatory Authority, Ofgem, had earlier announced that from October 1, the maximum electricity charges for consumers will be increased by 80% due to the increase in global energy prices.

According to official data, the British economy registered a slight contraction in the second quarter of the year as the British economy shrank by 0.6% on a monthly basis in June and 0.1% in the second quarter of the year.

And health experts have warned the British government of the risk of a “humanitarian crisis” due to a sharp rise in energy prices.

The National Health Service, which brings together many public health agencies, said, “Many people will have to choose between two things, which are better: giving up food to heat their homes or living in cold and damp . . .”

The UK is set for the slowest growth of one of the richest G7 economies in 2023, the International Monetary Fund has warned.