Greg Clark's 2017 industrial strategy and Jonathan Reynolds's updated version draw from the same visual themes but emphasize a key shift towards alleviating the high costs of electricity for UK industry. This strategy seeks to help 7,000 companies by reducing electricity prices, addressing the UK’s unfavorable standing compared to European counterparts. However, the implementation is slow, slated for 2027, and the initial details appear underdeveloped. Moreover, significant sectors afflicted by electricity costs remain unaddressed, highlighting the need for a broader and more immediate solution.
The new strategy's emphasis on reducing high electricity costs for UK industry marks a significant shift, but it still largely resembles a sketch rather than a fully developed plan.
The lobby group Make UK estimates that UK steelmakers will face costs of £66 per megawatt hour in 2024-25, compared to £50 in Germany and £43 in France, underscoring the UK’s dire position on electricity prices.
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