High energy prices threaten UK’s status as manufacturing power, business groups say

CBI and Energy UK report finds 40% of firms have cut investment as electricity costs remain far above pre-Ukraine levels

• It's a ticking timebomb': food producers sound alarm on rise in energy charges

The UK is at risk of losing its status as a major manufacturing centre after a sharp rise in energy prices that has forced about 40% of businesses to cut back investment, according to a report by the CBI and Energy UK.

In a stinging message to ministers, the report said British businesses - from chemical producers to pubs and restaurants - were being undermined by a failure to cap prices and upgrade the UK's ageing gas and electricity networks.