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A boost in thousands of new jobs is expected with the implementation of energy cost cuts in Wales. The UK government has revealed plans to reduce electricity costs for the industry by 25%, specifically benefitting the new electric arc furnace at Port Talbot. Business secretary Jonathan Reynolds highlighted the significant support that will be provided through the government’s new industrial strategy, with the furnace expected to start operating in early 2028. This move is projected to facilitate tens of thousands of new jobs, attract billions of pounds in investment, and drive increased economic growth over the next decade, focusing on sectors like semiconductor, advanced manufacturing, and defense in Wales.
Starting from 2027, over 7,000 electricity-intensive businesses will experience up to a £40 per megawatt-hour reduction in electricity costs. Mr. Reynolds emphasized that industries like aerospace and automotive, which include companies like Airbus and Toyota, are poised to directly benefit from these cost cuts, making Welsh industries more competitive and appealing to new investments. A key part of the strategy is the British Industry Supercharger scheme, which will see the discount on energy prices for the most energy-intensive industries increase from 60% to 90% by 2026, providing crucial support to sectors such as steel, chemicals, and glass to ensure competitiveness, job protection, and future investments.
The industrial strategy, spanning a 10-year period, aims to streamline business operations in the UK by making them faster, simpler, and more cost-effective. As part of this initiative, companies like Airbus in Broughton, Flintshire, are expected to tap into a share of £4 billion earmarked for the advanced manufacturing sector over the next five years. Additionally, the establishment of a center for doctoral training in semiconductors led by Swansea University will build on the existing cluster in south Wales, positioning the country as a leader in the field. The defense sector, with the top five Ministry of Defence suppliers operating in Wales, will also see a boost through a defense growth deal cluster, while Cardiff Capital Region will receive dedicated support to connect investors with businesses and foster innovation partnerships through funding to drive growth in Wales.
The UK government’s investment of £275 million in technical training and apprenticeships in England forms the cornerstone of the industrial strategy. This funding will also have consequential impacts on Wales, as skills development is under the purview of the Welsh government. Secretary of State for Wales Jo Stevens emphasized that the strategy will unlock wealth across the country, leveraging Wales’ potential by supporting key sectors such as aerospace and compound semiconductors, and nurturing emerging industries like floating offshore wind, where Wales is primed to lead globally. By focusing on strengthening businesses and the workforce, the strategy aims to position Wales as one of the premier destinations for investment and business opportunities
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