Financial Relief for Industries
The plans to cut electricity costs for over 7,000 businesses by scrapping green levies, potentially reducing bills by up to 25%. This initiative is part of 's 10-year industrial strategy aimed at bolstering economic growth.
Energy-intensive sectors like steel, chemicals, and glassmaking will benefit from increased discounts on network charges, with the British Industry Supercharger scheme enhancing its discount from 60% to 90% by 2026.
Strategic Focus and Funding
The strategy emphasizes eight growth sectors: advanced manufacturing, clean energy, creative industries, defense, digital, financial services, life sciences, and professional services. Plans for five sectors will be published soon, with others to follow.
Funding for these reforms is expected to come from energy system reforms, aiming to minimize taxpayer impact and avoid increasing household bills. The government also seeks to connect new factories to the energy grid more swiftly.