British industry has the second highest energy rates in Europe, after Denmark, and are expected to rise even further as the UK looks to leave the EU.
A recent report commissioned by the government, led by Professor Dieter Helm, concluded that hesitant policymaking and delays within government has resulted in the UK paying “significantly” more than it should, contributing 20pc of bills.
Andrew Buckley, a director at the Major Energy Users Council (MEUC), said: “For our members we calculate that these costs will reach over 40pc by 2020 and this is the main reason why our industrial power bills are the amongst the most expensive in Europe.”
The Government has been forced to pay over £60 million in compensation to UK steel makers to reduce energy costs and prevent another industry crisis.
Growing concern over the rising costs of energy for industry follows recent data showing household energy bills have risen by three times more than the rate of inflation in the past year.