The EFF said that UK businesses were paying inflated prices for inadequate broadband.
In a report which asked 128 companies between December 1 and December 31 about their broadband connection, more than half of all mid-sized firms were paying over £5,000 a year for their internet access. And to make matters worse nearly half of companies based in business parks were unable to access speeds above 10Mbps.
Two-thirds of manufacturers surveyed said that they planned to invest in IoT related infrastructure and services.
Lee Hopley, EEF chief economist said that manufacturers needed best in class provision if Britain was to take advantage of the next industrial revolution and government cannot afford to think it is job done.
“While the quality of networks isn’t currently an issue, companies are paying inflated sums to have proper access and are fearful they will not have competitive access five years’ down the line.”
The EEF said that the government had placed too strong an emphasis on improving home broadband services and called for a review of the business broadband marketplace, with the aim of driving prices down by the end of the current parliament.