Last week, Andrew Large, director-general at the Confederation of Paper Industries, attended a meeting with the Business Secretary and other representatives of energy intensive industries to discuss the current UK gas crisis. In an interview afterwards, Large claimed it was 'very clear' across all of the sectors that there are 'serious' risks factories could stop all activities as a result of the gas prices being too high. UK Steel CEO Gareth Stace said earlier today that if PM Johnson does nothing to help firms, rising prices could 'start to strangle' production.
At last week’s Conservative Party conference speech, Johnson promised that the UK would become a 'higher-wage, higher-productivity economy'. But Stace claimed that if no action is taken, 'we'll actually be walking blindly towards a low wage economy'.
As the gas crisis escalated, industry analysts suggested the current energy cap of £1,277 would rise by as much as £800.
According to dailymail.co.uk, experts warned that Britain faced an inflation shock that would squeeze family finances and could derail the economic recovery.
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