Lower energy costs part of government's 10-year plan for industry
Summary
The UK government plans to reduce energy costs for businesses as part of a new 10-year industrial strategy. This plan aims to cut energy bills by up to 25% for over 7,000 UK businesses by removing certain green levies. Additional measures include creating more jobs and improving job skills in Britain.Key Facts
- The UK government will unveil a 10-year industrial strategy to lower business energy costs.
- Energy bills could be reduced by up to 25% for over 7,000 businesses by removing specific green levies.
- A new scheme will reduce costs by up to £40 per megawatt-hour for manufacturers from 2027.
- The plan aims to create more than one million new well-paid jobs over the next decade.
- About 500 energy-intensive firms, like those in steel and chemicals, will see reduced network charges.
- The strategy will enhance job skills with £1.2 billion more annually earmarked for skills by 2028-29.
- The government plans to support eight sectors, including clean energy and digital technologies, to help boost growth.
- Additional plans involve attracting global talent through visa and migration reforms.
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