The UK government is set to unveil a new 10-year industrial strategy focused on lowering energy costs by removing green levies, potentially slashing energy bills by up to 25% for over 7,000 businesses. This initiative is highlighted as a pivotal moment for the economy, as it addresses the high electricity prices faced by UK manufacturers. Alongside cuts to energy costs, the strategy also includes measures to expedite connections to the energy grid, indicating a comprehensive approach to stimulate growth and investment in key industries.
Lowering energy costs for thousands of businesses by scrapping green levies will form a central part of the government's new 10-year industrial strategy.
The industrial strategy is a turning point for Britain's economy, supporting key industries with growth potential, according to Prime Minister Sir Keir Starmer.
Manufacturers in the UK currently pay some of the highest electricity prices in the developed world, prompting the need for significant energy cost reforms.
The British Industrial Competitiveness Scheme will substantially lower energy costs for manufacturers, potentially slashing bills by up to 25%.
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