Stephen Morgan MP has attacked the government after new analysis revealed that without urgent measures to address skyrocketing energy costs for manufacturing and industry, 11,885 jobs in Portsmouth may be at risk.
This rises to 334,565 jobs across the whole of the South East.
Industries that use a lot of energy in production are facing massive increases in energy bills, as the wholesale forward contract cost of gas rose by 80 per cent between May and November 2021, according to Ofgem.
Industries including metal, glass and ceramic manufacturing and mining are bearing the brunt of price rises.
In 2018, British industry paid on average 33% more for electricity than their European counterparts, but UK Steel has said that figure is as high as 61% today.
The Member of Parliament for Portsmouth South, Stephen Morgan, said:
“Households are facing soaring energy bills and so are businesses, especially those in energy intensive sectors, but Government has offered little to address the eye-watering costs they are facing.
“Energy prices for businesses have gone up as much as four times and if the Government don’t do something soon, 11,885 jobs in Portsmouth could be lost as more and more businesses close their doors.
“That’s why Labour has a plan ready to go to cut VAT on home and business energy bills, as well as a contingency fund for energy intensive industries including steel, glass, ceramics, chemicals and paper, who face massive increases in costs.
“With working people and families in our city already struggling to make ends meet, ordinary people cannot afford to lose their jobs as well. Labour will always guarantee workers and their employers the security, prosperity and respect they deserve.”
