International Business: British industry warns of factory closures – Gulf Digital News

  • Date: 10-Oct-2021
  • Source: Gulf Daily News
  • Sector:Economy
  • Country:Gulf
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International Business: British industry warns of factory closures – Gulf Digital News

LONDON: Britain’s most energy intensive manufacturers, including producers of steel, glass, ceramics and paper, have warned the government that unless something is done about soaring wholesale gas prices they could be forced to shut down production.

Wholesale gas prices have increased 400 per cent this year in Europe, partly due to low stocks and strong demand from Asia, putting particular pressure on energy intensive industries.

Industry bosses held talks on Friday with business minister Kwasi Kwarteng but said these ended with no immediate solutions.