British manufacturers could cut their energy consumption by a third and inject £2.56 billion into the economy if they used the latest technology,  according to a report by Barclays.

The boost would be reached by 2025 if manufacturing companies matched the energy efficiency of the market leader.

Generating their own electricity using renewable energy will also become a key factor.

A third of manufacturing said they were already using or were about to implement energy saving schemes.

Low spending

Companies currently plan to spend only £10,000 on average on energy saving measures.

Mike Rigby, Head of Manufacturing, Transport and Logistics at Barclays, said: “In recent months, attention has focused on the future of energy supply but we need to look at all aspects of energy.

“By considering energy management on the demand side in intensive sectors such as manufacturing, we can ensure the UK remains competitive.”

> Download the report