"This government has the right plan for the economy: backing British industry, cutting electricity costs and building a stronger, more resilient future. Today's announcement will cut energy bills for over 10,000 manufacturers, helping businesses to compete, win and create good jobs across the country, and to deliver our modern industrial strategy."
"While this announcement acknowledges the problem of high UK industrial energy costs, it doesn't provide the immediate solution to the critical cost pressures companies are facing right now."
Rachel Reeves announced an expansion of the British Industrial Competitiveness Scheme (BICS) to support 10,000 energy-intensive UK businesses. The scheme aims to cut energy bills by up to 25% but will not be operational until next year, with backdated support starting this month. Business groups welcomed the announcement but criticized the delayed funding. BICS will exempt eligible businesses from three electricity levies. The Treasury plans to detail funding for the scheme in Reeves's autumn budget, which has increased to £600 million annually.
Read at www.theguardian.com
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