Electricity costs for thousands of businesses will be cut by scrapping green levies to help them compete with foreign rivals.
The plan, which could cut bills by up to 25 per cent, forms a key part of Sir Keir Starmer's 10-year industrial strategy which he hopes will address stuttering economic growth and transform the business landscape.
The Prime Minister said the plan marks a 'turning point for Britain's economy' by supporting key industries where there is potential for growth.
Manufacturers have warned 'crippling' power costs are far higher for UK businesses than competitors overseas.
From 2027, a new British Industrial Competitiveness Scheme will cut costs by up to £40 per megawatt hour for over 7,000 manufacturing firms by exempting them from levies on bills including the renewables obligation, feed-in tariffs and the capacity market.
