The government has unveiled a bold new Industrial Strategy that will cut electricity costs by up to 25% for more than 7,000 energy-intensive businesses from 2027.

Ministers say it marks a new era of partnership with industry and a break from the short-term politics that has held back growth for too long.

The new British Industrial Competitiveness Scheme will see high-energy users in sectors like steel, glass, automotive, chemicals and aerospace exempt from major green levies.

These include the Renewables Obligation, Feed-in Tariffs and the Capacity Market.

Firms will save up to £40 per megawatt hour — helping level the playing field with European competitors and protecting over 300,000 jobs in the process.

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