Over 7,000 UK companies will cut electricity bills by up to 25% from 2027 under the government’s new industrial strategy.
British manufacturers now pay some of the highest electricity prices in developed countries, but are companies looking to face long delays when connecting to the grid. The new UK Industrial Competitiveness Scheme addresses these issues by reducing up to 40 pounds per megawatt hour for its power intensive operations.
This forms part of a decade-long industrial strategy designed to boost investments, create skilled jobs and make the UK the best place to do business. The plan aims to make it faster, easier and cheaper for businesses to operate in the UK.
This strategy creates 1.1m of well-paid jobs in a thriving industry, while also giving businesses the confidence to invest and expand their operations.
“This industrial strategy is a turning point for the UK economy, taking a clear break from past short-termism and sticking plasters,” Prime Minister Kiel said.
“In an age of global economic instability, it provides the long-term certainty and direction that UK companies need to invest, innovate and create, in order to invest more money in people’s pockets as part of their plans for change.”
Ukhospitality CEO Kate Nicholls provides commentary on industrial strategy, affecting both the hospitality sector and the broader economy. “This is not an industrial strategy that brings growth across the UK. In fact, by ignoring 70% of the economy, it helped people to build and work for government jobs. We were disappointed.
“Instead, this strategy will once again leave towns, coastal communities and rural areas that need real strategies for growth most. Given that the government is now accepting that the energy market is a barrier to growth, we hope they are moving quickly to solve the energy challenges that have plagued hospitality businesses for decades.”
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