Britain’s new industrial strategy pledges massive development to the country’s economy
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The British government intends to slash the bills of electricity-intensive manufacturers by up to 25% from 2027. As part of an industrial strategy for the decade 2025-2035, this move could benefit more than 7,000 businesses, according to the government. Britain will seek to slash the electricity bills of thousands of companies under a new industrial strategy to be published on Monday, June 23. This was after hearing calls from businesses to reduce high energy costs, which they argue hurt competitiveness and hinder growth. Britain’s new industrial strategy pledges massive development to the country’s economy Ramping up Britain’s sluggish growth has been a top priority for the government. However, lawmakers and business leaders had flagged the sky-high energy costs many companies already endure as a barrier to that ambition, with industry body Make UK urging the government to abandon climate levies placed on companies. To address this, Britain has been encouraged to do more to help its important industrial sectors. This will go a long way in improving its competitive edge as the United States and the European Union are also moving in that direction, in a trading world that the US President Donald Trump’s tariffs shook in recent months. Meanwhile, five sectoral strategies will be released alongside the plan, including advanced manufacturing, creative industries, and clean energy. The industrial strategy highlights eight key sectors where Britain excels, including defense and financial services. The government added that it would spare energy-intensive manufacturers from levies such as the renewables obligation to strengthen their international competitiveness. It also said that the energy measures would be paid for by transforming the energy system, not by ramping up household bills or taxes. Once they consult with stakeholders, they will fine-tune the details and eligibility of the program. Jonathan Reynolds, the Secretary of State for Business and…
Filed under: News - @ June 23, 2025 1:29 am