Industrial Strategy sets out a ten-year plan to boost investment, create good skilled jobs and make Britain the best place to do business
- Electricity costs for thousands of businesses to be slashed by up to 25%.
- New Industrial Strategy to unlock billions in investment and support 1.1 million new well-paid jobs over the next decade.
- Strategy developed in partnership with business, marking a new era of collaboration between government and high growth industries.
- Strategy will make the UK the best country to invest in and grow a business, delivering on the Plan for Change.
More than 7,000 British businesses are set to see their electricity bills slashed by up to 25% from 2027, as the Government unveils its bold new Industrial Strategy today [Monday 23 June].
The modern Industrial Strategy sets out a ten-year plan to boost investment, create good skilled jobs and make Britain the best place to do business by tackling two of the biggest barriers facing UK industry - high electricity prices and long waits for grid connections.
British manufacturers currently pay some of the highest electricity prices in the developed world while businesses looking to expand or modernise have faced delays when it comes to connecting to the grid.
For too long these challenges have held back growth and made it harder for British firms to compete. Today's announcement marks a decisive shift - with government stepping in to support industry and unlock the UK's economic potential.
From 2027, the new British Industrial Competitiveness Scheme will reduce electricity costs by up to £40 per megawatt hour for over 7,000 electricity-intensive businesses in manufacturing sectors like automotive, aerospace and chemicals.
These firms, which support over 300,000 skilled jobs, will be exempt from paying levies such as the Renewables Obligation, Feed-in Tariffs and the Capacity Market - helping level the playing field and make them more internationally competitive. Eligibility and
