Auto Amazon Links: No products found. Blocked by captcha.
A significant shift in energy costs for numerous businesses through the elimination of green levies is at the core of the government’s forthcoming 10-year industrial strategy. Expected to be disclosed on Monday, this plan could lead to a potential reduction of up to 25% in energy bills for over 7,000 businesses in the UK. Prime Minister Sir Keir Starmer views this industrial strategy as a pivotal moment for the British economy, emphasizing its support for key industries with growth potential.
Criticism of the proposed plan came from Conservative acting shadow energy secretary Andrew Bowie, who argued for a more comprehensive approach to energy policy that addresses the root causes of high energy prices. Manufacturers in the UK are currently burdened with some of the highest electricity prices internationally. The introduction of a British Industrial Competitiveness Scheme is projected to bring cost reductions of up to £40 per megawatt-hour from 2027 for over 7,000 manufacturing firms by exempting them from various levies on bills.
Alongside the energy cost reductions, the industrial strategy aims to accelerate the process of connecting new factories and projects to the energy grid. Additionally, the plan is set to support the creation of over one million new well-paid jobs over the next decade. Sectors targeted for growth under the strategy include advanced manufacturing, clean energy industries, creative industries, defense, digital and technologies, financial services, life sciences, and professional and business services.
The government strategy encompasses various measures such as enhancing skills through increased funding, attracting global talent, streamlining planning processes, and boosting research and development spending. By focusing on sectors where the UK has established strengths, the strategy aims to drive faster growth and economic recovery. The upcoming announcement follows a contraction in the UK economy and concerns raised by business groups regarding potential impacts on growth due to recent government legislation
Read the full article from The BBC here: Read More
Auto Amazon Links: No products found. Blocked by captcha.