Firms have said high prices have hindered growth and made them less competitive.<\/p>\n
Business Secretary Jonathan Reynolds told Sky News the issue of high electricity costs was “one of the biggest things business has asked of the new government”.<\/p>\n
Commercial energy prices are the highest in the G7<\/strong><\/a> group of industrialised nations – and Mr Reynolds said “that will fundamentally change with what we’re putting forward today”.<\/p>\n Money blog: <\/strong>Freebies you can claim from companies on your birthday<\/strong><\/a><\/p>\n Under the industrial strategy for 2025 to 2035, the government has said it plans to cut the bills of electricity-intensive manufacturers by up to \u00a340 per megawatt hour – up to 25% – from 2027, which could benefit more than 7,000 businesses.<\/p>\n These savings will come by exempting them from certain levies on bills.<\/p>\n Roughly 500 of the most energy-intensive companies, such as the steel industry, chemicals and glassmaking industries, will also see their network charges cut.<\/p>\n Image: The current 60% discount they get, via the British Industry Supercharger scheme, will increase to 90% from next year.<\/p>\n The government also said the energy measures would be funded through reforms to the energy system, without raising household bills or taxes.<\/p>\n The scope and eligibility for the scheme will be finalised after a consultation.<\/p>\n Mr Reynolds said it will be a threshold test based on the percentage of a company’s electricity cost as part of your overall output and will be targeted at the businesses which need it the most.<\/p>\n Read more from Sky News: The policy is the first industrial strategy of its kind in eight years and comes as part of the government’s key priority of growing the economy<\/strong><\/a>.<\/p>\n Pressure was on to develop such a policy after the US’s Inflation Reduction Act boosted investment in renewable energy, and the European Union’s Net-Zero Industry Act was designed to boost domestic production.<\/p>\n A “bespoke” 10-year plan has been created for eight sectors where the UK is said to be strong already and there is potential for growth.<\/p>\n The sectors named by the government are advanced manufacturing, clean energy, creative industries, defence, digital and technologies, life sciences, professional and business services, and financial services.<\/p>\n![\"Pic:](\"https:\/\/www.europesays.com\/uk\/wp-content\/uploads\/2025\/06\/skynews-meter-gas-electricity_6698139.jpg\")
<\/p>\n
\n Pic: iStock<\/p>\n
Protests over wedding of one of world’s richest men<\/a>
Labour MP accuses Bangladesh’s leader of ‘smear campaign’<\/a><\/strong><\/p>\n