Modern Industrial Strategy will make the UK the best country to invest in and grow a business and support tens of thousands of new jobs in Wales.
- Electricity costs for thousands of businesses to be slashed by up to 25%
- UK Government to establish a centre for doctoral training in semiconductors, led by Swansea University
- Welsh businesses to benefit from innovation funding, access to finance, faster grid connections and better-equipped sites for expansion.
Wales is set for increased economic growth, billions in investment and tens of thousands of new jobs supported over the next decade as a result of the UK Government's modern Industrial Strategy, which is published today (Monday 23 June).
The Strategy contains measures to forge a new relationship between business and government, making Wales and the UK the best place to start and scale up a business.
It will unlock growth across Wales, targeting areas of strength from the country's strengths in aerospace in North Wales to the world's first compound semiconductor cluster in South Wales.
More than 7,000 UK businesses are set to see their electricity bills slashed by up to 25%. British manufacturers currently pay some of the highest electricity prices in the developed world- in some cases, double the European average, 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 firms to compete globally. 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 across the UK 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
