His comments come after several reports of U.K. manufacturing closures amid the slump in global demand for commodities, largely on the back of the slowdown in China's economy.
A lack of demand has caused raw material prices to fall, hitting commodity-dependent economies hard as it makes the extraction and export of such materials unviable.
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For the U.K. specifically, while a drop in the price of commodities such as oil has been a boon to the government as it gives consumers more money to spend elsewhere, the decline in commodity prices has damaged the last remaining vestiges of U.K. manufacturing hard.
Earlier in the week, it was announced that the SSI Redcar steelworks in northern England were to be closed, leading to the loss of 2,200 jobs and the conclusion of 98 years of steel production at the site. Meanwhile, the North Sea oil industry, largely based off the coast of Scotland with many workers living in the city of Aberdeen, is also suffering amid a slump in oil prices which have fallen from a peak of $114 a barrel in June 2014 to currently trade around $50 a barrel. Some analysts believe 10,000 jobs could be at risk in the U.K.'s oil industry as a result.
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"For entrepreneurs in the U.K. economy it's a two-part story. We've seen pain at the Redcar steelworks, we've seen a lot of pain in Aberdeen, but the impact on the mainstreet economy in the U.K. has so far been positive because lower energy costs in a high energy-cost country have benefited people in the short-term," Cridland told CNBC.