The UK's new industrial strategy: Minimizing energy costs for cryptocurrency manufacturers
The UK government is set to cut energy bills by up to 25% for energy-intensive manufacturers starting in 2027. This move is part of the industrial strategy for the period 2025-2035, aimed at supporting over 7,000 businesses to overcome the burden of high energy costs.
Reducing electricity costs to promote the development of the cryptocurrency industry
Reducing electricity bills will help improve the competitiveness of businesses in the cryptocurrency sector. The fight against high energy costs is a top priority, aiming to combat barriers that hinder innovation and sustainable growth.
UK Economic Development Strategy: Industry and Energy
The UK government emphasizes efforts to boost key industries such as advanced manufacturing, clean energy, and financial services. By reducing taxes and fees for cryptocurrency producers, they aim to enhance the country's competitiveness in the global market, especially against fierce competition from the US and EU.
Among them, sectors such as advanced manufacturing, renewable energy, and creative industries will benefit from these special incentives.
Policy to promote innovation and skill development
The government is expected to fund the energy transition process rather than putting pressure on household bills or raising taxes. These measures aim to support businesses, especially those that are energy-intensive, to enhance international competitiveness.
According to Mr. Jonathan Reynolds, Minister for Business and Trade, reducing energy costs and improving skills are top priorities for businesses. The new policy promises to open up significant opportunities for the sustainable development of the cryptocurrency industry in the UK.
Feedback from business and political organizations
Make UK calls this strategy a 'huge and necessary' step to address the skills gap in the workforce and enhance access to capital. The Confederation of British Industry describes it as a 'clear, positive message,' laying a solid foundation for growth.
This strategy also aims to add £1.2 billion, equivalent to $1.61 billion each year, to develop skills and invest in small businesses to promote innovation.
Politician's critique: New challenges and opportunities
Prime Minister Sir Keir Starmer sees the strategy as a 'turning point' for the UK economy. Meanwhile, opponents of the Conservative Party argue that the country needs a more serious energy policy to address high electricity prices at their root.
In this context, cryptocurrency manufacturing businesses in the UK are facing some of the highest electricity prices in the developed world. The new policy is expected to reduce energy costs by up to £40 per megawatt-hour starting in 2027.
In particular, about 500 energy-intensive businesses including steel, chemicals, and glass industries will receive significant reductions in transmission fees, helping to alleviate financial burdens and promote innovation in the cryptocurrency industry.
The long-term goal of the policy is to create over 1 million high-paying jobs and sustainable growth in the next decade.
Source: https://tintucbitcoin.com/anh-quoc-du-kien-giam-chi-phi-nang-luong-den-2027/
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