LONDON: Britain will aim to cut the electricity bills of thousands of companies under a new industrial strategy to be published on Monday, heeding calls from business to lower high energy costs that they say have damaged competitiveness and hindered growth.
Under an industrial strategy for the decade 2025-2035, the government plans to cut the bills of electricity-intensive manufacturers by up to 25 percent from 2027, a move it said could benefit more than 7,000 businesses.
The government has made boosting Britain’s anaemic growth a key priority. But lawmakers and business leaders had highlighted the sky-high energy costs many companies face as a hindrance to that aim, with industry body Make UK saying government should scrap climate levies imposed on firms.
Britain has been under pressure to do more to support its key industries and bolster competitiveness as the United States and the European Union also seek to do likewise, in a trade landscape upended by US President Donald Trump’s tariffs.
Alongside the strategy, five sectoral plans for areas such as advanced manufacturing, creative industries and clean energy are also set to be published. The Industrial Strategy focuses on eight previously identified sectors of strength for Britain, which also include defense and financial services.
