Britain's Industrial Strategy Unveiled: A Boost for Energy-Intensive Industries

The UK government unveiled its industrial strategy on Monday, aiming to reduce energy bills for thousands of companies, including steel manufacturers, to boost sector competitiveness. The plan includes cutting electricity costs for energy-intensive industries by up to 25% by 2027, potentially aiding over 7,000 businesses.

Lawmakers and business leaders have criticized high energy costs as a barrier to growth. In response, the government granted exemptions from climate levies for the most energy-intensive firms. Despite focusing on clean energy, the strategy also champions sectors like advanced manufacturing and the creative industries.

To fund these energy measures, reforms to the energy system will be employed without impacting household bills or taxes. While the initiative was welcomed for addressing energy costs and skills, critics argue it overlooks sectors such as hospitality. The plan seeks to channel more investment into smaller companies and ease regulatory burdens.

(With inputs from agencies.)