Britain has become less competitive and less attractive to foreign investors as a result of soaring energy costs and recent political turmoil, manufacturers said in an industry survey released on Monday.
The proportion of manufacturers who think Britain is a competitive location halved to 31% from 63% a year ago, and 43% said Britain had become less attractive to overseas investors, according to the survey by Make UK, the main trade body for British manufacturers, and accountants PwC.
This week finance minister Jeremy Hunt is due to outline plans to sharply scale back energy subsidies for businesses. When the survey took place in November, two thirds of manufacturers expected to reduce headcount or cut output because of high energy costs.showing they suffered a more a severe downturn in December than other Group of Seven nation peers.
"Ongoing supply chain disruption, access to labour and high transport costs which show no sign of abating can be added to a growing sense of economic and political uncertainty in their main markets."
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