Energy crisis may see manufacturers cut production or shut down entirely

The other half feared that the same would happen to them soon enough.

Additionally, one in eight said they had already had to make job cuts and admitted that full shutdowns and wider redundancies could come if the prices keeps going up.

Energy bills are not capped for businesses, which is why they are already feeling the heat of hiked prices sooner.

Some manufacturers expect shutdowns and redundancies to come if prices keep rising (PA)

Stephen Phipson, chief executive of Make UK, said: “As energy bills spiral out of control, manufacturers are working tirelessly to find ways to reduce consumption, putting in place as much as they can afford in terms of building improvements and installing renewable sources of energy.

“With an increasing number of manufacturers now in survival mode and taking drastic action such as cutting jobs, emergency action is needed by the new government as soon as they are inside No 10.

“We are already lagging behind our global competitors, and the prolonged lack of action by the UK Government making this worse.

A government spokesperson said: “No national government can control the global factors pushing up the price of energy, but we will continue to support business in navigating the months ahead.

“We have provided more than £2 billion to industry in recent years to help with the costs of energy. In addition, we recently doubled the budget of our electricity relief scheme and announced plans to exempt industries from certain green energy levies.

“We’ve also cut taxes for hundreds of thousands of businesses by increasing the Employment Allowance which reduces national insurance contributions and slashing fuel duty.

“On top of that we’ve put the brakes on bill increases by freezing the business rates multiplier, worth £4.6 billion over the next five years.”