ECONOMY

The UK government has unveiled an ambitious industrial strategy for 2025–2035 aimed at significantly boosting economic growth. A key measure will be to cut electricity costs for energy-intensive businesses by up to 25% by 2027, providing relief to more than 7,000 companies and enhancing their global competitiveness.

🔌 Relief for Manufacturers, a Boost for the Economy
High energy prices have long been a drag on British industry. The new strategy will offer businesses a reduction of up to £40 per megawatt-hour and significant discounts on network charges. The goal is to soften the impact of climate-related levies and bolster the UK’s ability to compete with countries like the US and EU member states, which are already heavily supporting their industries.
The government promises that these energy cost reductions will not be funded by taxpayers or households, but rather through a transformation of the energy system. Further details will be refined following consultations with stakeholders and experts.

💼 Goal: One Million New Jobs and More Investment
The strategy aims to create over one million new jobs within the next decade, especially in high-potential sectors like clean energy, defense, financial services, and the creative industries. The government has also pledged £1.2 billion per year to support skills development in small and medium-sized enterprises through the British Business Bank.
Prime Minister Sir Keir Starmer described the plan as a “turning point” that offers businesses the long-term certainty they need for investment, innovation, and growth.

💬 Support and Criticism
Industrial groups including Make UK and the Confederation of British Industry welcomed the strategy as “a crucial step forward.” They praised the focus on better access to finance and solving the skilled labor shortage.
However, opposition Conservatives were critical. According to Andrew Bowie, the shadow energy minister, the government must address the root causes of high energy costs, rather than simply offering “handouts from taxpayers to keep businesses afloat.”

🏭 Supercharger Scheme and Faster Factory Connections
The government also plans to expand the British Industry Supercharger program, which already provides a 60% discount on network charges – to be increased to 90% after 2026. Additionally, the time it takes to connect new factories and projects to the energy grid will be shortened and simplified.

#UKGovernment , #worldnews , #economy , #UK

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