Britain to cut companies energy bills in new industrial strategy

London, June 22 (Reuters) – Britain will aim to reduce thousands of companies under a new industrial strategy that will be released on Monday under a new industrial strategy, and will aim to take into account the high energy costs that they say that it damages and prevents growth.

A decade of an industrial strategy for 2025-2035 for ten years, the government plans to reduce the bills of electric intensive manufacturers from 2027 to 25%, which can benefit more than 7,000 businesses, he said.

The government has made Britain’s anemic growth a main priority. However, MPs and business leaders emphasized the high energy costs of the sky, which many companies have faced as an obstacle, the industrial organ, Britain, said that the government should scrape climate taxes applied to companies.

As the UK, the US and the European Union try to do the same in a trade environment developed by US President Donald Trump’s tariffs, it is under pressure to support key industries and increase their competitiveness.

In addition to the strategy, five sectoral plans will be published for further production, creative industries and clean energy. It focuses on eight previously defined power sectors for the UK, including industrial strategy, defense and financial services.

The government said that energy -intensive manufacturers will exempt taxes such as the obligation of renewable to increase international competitiveness.

Business Secretary Jonathan Reynolds said in a statement, “The fight against energy costs and fixing skills, the biggest question from enterprises and the biggest challenge they face – this government listened.” He said.

The government said energy measures will be financed by reforms in the energy system without increasing household bills or taxes. The scope and suitability of the program will be finalized after a consultation.

Make UK said that the industrial strategy is a “giant and very needed step” that struggles with a skill shortage in the labor force of England and in access to capital. The confederation of the British industry said it was a “definite, positive signal” that will provide “motherland for growth”.

The industrial strategy, which is the first in the UK in eight years, will direct the investments of the British business bank to smaller companies and will provide an extra way by 1.2 billion pounds ($ 1.61 billion) until 2028-29.

The government added that it will reduce regulatory loads on businesses, spend more for research and development and accelerate planning processes.

($ 1 = 0.7435 pound) (reported by Alistair Smout; Editing by Clelia Oziel)