The Government has unveiled the UK’s Modern Industrial Strategy, a bold 10-year plan to tackle the barriers holding back British businesses and unlock investment across the country.

As part of the announcement, energy costs will be slashed by 25% for eligible manufacturers, bringing prices in line with Europe and accelerating grid connections through the new Energy Price Relief Scheme.

Key measures include:

• Energy prices cut by 25% for 1000s of businesses across the country.
• Unlocking billions in business finance, including for SMEs through the British Business Bank and National Wealth Fund.
• Investing over £20bn in R&D for growth sectors.
• Cutting regulation costs by 25% and streamlining planning for major projects.

The Industrial Strategy is a 10-year plan to promote business investment and growth and make it quicker, easier and cheaper to do business in the UK, giving businesses the confidence to invest and create more than one million good, well-paid jobs in thriving industries – delivering on this government’s Plan for Change.

Commenting on the announcement, Douglas Alexander MP said:

“This Industrial Strategy can make a real difference here in East Lothian, By cutting energy costs and unlocking investment, it will help local businesses grow, create high-quality jobs, and boost our economy.

“The Strategy builds on the Spending Review and Infrastructure Plan, targeting support where it’s needed most and making it easier for all businesses to thrive. It aims to double business investment in growth sectors to £240bn annually by 2035.

“This is further evidence that Labour is committed to delivering the long-term stability and investment that industry needs to grow.” 

Business and Trade Secretary Jonathan Reynolds said: 

“We’ve said from day one, Britain is back in business under this government and our Plan for Change is already delivering for working people. 

“This Strategy will ensure the UK is the best place to invest and do business, delivering growth that puts more money in people’s pockets and pays for our NHS, schools and military.”