Publisher: Maaal International Media Company
License: 465734
Manufacturers said in a poll published on Monday that Britain has become less competitive and less attractive to foreign investors due to rising energy costs and recent political turmoil.
According to Reuters, a survey conducted by Make UK, the main trade body for British manufacturers, and the auditing firm PwC indicated that the proportion of manufacturers who believe that Britain represents a competitive location has halved to 31 percent of respondents. 63 percent a year ago, and 43 percent said that Britain has become less attractive to foreign investors.
The poll, which included 235 companies, was conducted during the period from the first of November to the 22nd of the same month, when the turmoil in the government of Liz Trace, which did not last long in power, was fresh in people’s minds. And 53 percent of the companies said that the ongoing political instability had hurt business confidence
Chancellor of the Exchequer Jeremy Hunt is due this week to outline plans for a sharp reduction in energy subsidies for businesses
MeckUK said the plans were likely to exacerbate job and production cuts that were already in the pipeline.