High energy costs are undermining the UK's economic performance, prompting business groups to urge the incoming government to shift billions of pounds in green levies from electricity bills to general taxation, Bloomberg reported Monday.
Industrial electricity costs in the UK are 45% above the G7 median, putting businesses at a disadvantage internationally, the report said, citing a report by the Confederation of British Industry and Energy UK.
About four in 10 companies surveyed said they have cut capital spending due to high electricity bills, the report said.