• UK Labour Government slashes energy prices by 25% for electricity intensive manufacturers such as steel and automotive.
• The Strategy will double business investment in growth sectors to £240bn a year by 2035.
• It will make the UK the best country to invest in and grow a business, delivering on the Plan for Change.
The UK Labour Government has unveiled the UK’s Modern Industrial Strategy, a bold 10-year plan to tackle the barriers holding back British businesses and unlock investment across the country. As part of the announcement, energy costs will be slashed by 25% for industries such as steel and automotive, bringing prices in line with Europe and accelerating grid connections through the new Energy Price Relief Scheme.
Key measures in the strategy include:
• Energy prices cut by 25% for thousands of manufacturers across the country
• Unlocking billions in business finance, including for SMEs through the British Business Bank and National Wealth Fund.
• Reforming the skills system to prioritise digital, engineering, and defence skills.
• Investing over £20bn in R&D for growth sectors
• Cutting regulation costs by 25% and streamlining planning for major projects.
The Industrial Strategy is a 10-year plan to promote business investment and growth and make it quicker, easier and cheaper to do business in the UK, giving businesses the confidence to invest and create 1.1 million good, well-paid jobs in thriving industries – delivering on this government’s Plan for Change.
The Strategy will focus on eight key growth sectors – advanced manufacturing, creative industries, clean energy, defence, digital and technology, financial services, life sciences and business services.
Commenting on the announcement, DAME NIA GRIFFITH, Member of Parliament for Llanelli, said:
“This is great news for workers and businesses in Llanelli and rest of Wales. By cutting energy costs and unlocking investment, this strategy will help our local businesses grow, create high-quality jobs, and boost our economy.
It means manufacturers and other companies here in Llanelli will be able to expand operations, and new investment and innovation will bring more job and career opportunities, something that our young people are crying out for.
The Strategy builds on the Spending Review and Infrastructure Plan, targeting support where it’s needed most and making it easier for businesses not only to survive but thrive. It’s proof that Labour is committed to delivering the long-term stability and investment that industry needs to grow – backing our businesses to take advantage of the industries of the future.”
Business and Trade Secretary Jonathan Reynolds said:
“We’ve said from day one, Britain is back in business under this government and our Plan for Change is already delivering for working people.
“This Strategy will ensure the UK is the best place to invest and do business, delivering growth that puts more money in people’s pockets and pays for our NHS, schools and military.”