Britain's New Industrial Strategy: Energizing Competitiveness
Britain's government plans to cut electricity bills for businesses under a new industrial strategy set for 2025-2035. By reducing costs by up to 25% for electricity-intensive manufacturers from 2027, the initiative targets competitive enhancement. The strategy emphasizes key sectors while addressing both energy costs and skills shortages in the workforce.
- Country:
- United Kingdom
Britain is set to unveil a new industrial strategy on Monday aimed at slashing electricity bills for thousands of companies, responding to business demands for lower energy costs. The strategy, covering 2025-2035, proposes reducing electricity charges for energy-intensive manufacturers by up to 25% from 2027, potentially benefiting over 7,000 businesses.
As part of the government's priority to bolster Britain's sluggish growth, the strategy addresses spiraling energy costs which businesses flagged as a growth barrier. Industry body Make UK urged the government to eliminate climate levies on firms, aiming to enhance competitiveness amid a challenging global trade environment, exacerbated by U.S. tariffs.
The strategy includes sector-specific plans targeting advanced manufacturing, creative industries, and clean energy. It offers exemptions for energy-intensive industries from levies such as the Renewables Obligation. Business Secretary Jonathan Reynolds highlighted the government's commitment to reducing energy costs and addressing workforce skills shortages, funding these measures through energy system reforms.
(With inputs from agencies.)
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