Britain to cut companies of energy accounts in new industrial strategy | Company Business News

London, June 22 (Reuters) – Britain wants to cut the electricity bills of thousands of companies under a new industrial strategy that is to be published on Monday, and the calls of business to lower high energy costs that they believe have damaged the competitiveness and impeded growth. Under an industrial strategy for the decade 2025-2035, the government plans to cut the accounts of electricity-intensive manufacturers by up to 25% from 2027, a move that can benefit according to more than 7,000 businesses. The government has made Britain’s anemic growth an important priority. But legislators and business leaders have emphasized the sky height of energy costs that many companies face, as an impediment to the purpose, with the body making the UK scrap the government’s climate levies on firms. Britain was under pressure to do more to support its most important industries and strengthen competitiveness, as the United States and the European Union are also trying to do in a trade landscape set up by US President Donald Trump’s rates. In addition to the strategy, five sectoral plans for areas such as advanced manufacturing, creative industries and clean energy will also be published. The industrial strategy focuses on eight previously identified sectors of strength for Britain, which also includes defense and financial services. The government said it would release energy-intensive levies manufacturers, such as the obligation of renewable energy to increase their international competitiveness. “The approach of energy costs and the determination of skills was the biggest question of us of businesses and the biggest challenge they faced – this government listened,” Jonathan Reynolds, business secretary, said in a statement. The government said the energy measures will be funded by reforms to the energy system, without increasing domestic accounts or taxes. The scope and suitability for the scheme will be finalized after a consultation. Make UK said the industrial strategy was a ‘huge and much -needed step forward’ that also embarked on a skills shortage in Britain’s workforce and access to capital. The confederation of the British industry said it was an ‘unequivocal, positive signal’ that would provide a ‘basis for growth’. The industrial strategy, Britain’s first in eight years, will expand state-owned British Business Bank’s capacity to channel investment in smaller businesses and offer an extra 1.2 billion pound ($ 1.61 billion) per year on skills, offering an extra 1.2 billion pounds ($ 1.61 billion) per year at 2028-29 skills. The government added that it would cut regulatory liabilities on businesses, spend more on research and development and speed up planning processes. ($ 1 = 0.7435 pounds) (Reporting by Alistair Swout; Editing by Clelia Oziel)