- Sir Keir Starmer's 10-year industrial strategy aims to boost the UK economy and transform its business landscape.
- A key part of the plan involves cutting electricity costs for businesses by up to 25 per cent through scrapping green levies.
- From 2027, over 7,000 manufacturing firms will benefit from exemptions on various levies, while 500 energy-intensive firms will see increased discounts on network charges.
- The strategy also includes measures to speed up connections to the energy grid and focuses on eight key growth sectors, with plans for five sectors to be published soon.
- The initiative seeks to address high energy costs that have hampered UK industry competitiveness and comes as the economy experienced a significant contraction in April.
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