- Government slashes energy prices by 25% for manufacturers in defence, creative industries and clean energy
- This Modern Industrial Strategy will double business investment in growth sectors to £240bn a year by 2035.
- This Industrial Strategy will make the UK the best country to invest in and grow a business, delivering on the Plan for Change.
Portsmouth MP Stephen Morgan has welcomed 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.
- Reforming the skills system to prioritise digital, engineering, and defence skills.
- 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 1.1 million good, well-paid jobs in thriving industries – delivering on this government’s Plan for Change.
The Strategy support 1.5 million jobs in the South East by focusing on eight key growth sectors including:
- Advanced Manufacturing
- Clean Energy Industries
- Creative Industries
- Defence
- Digital And Technologies
- Financial Services
- Life Sciences
- Professional and Business Services
Commenting on the announcement, Portsmouth South MP Stephen Morgan said:
“The 10-year plan announced today will be transformative for Portsmouth businesses.
“By attracting investment and cutting energy bills for Portsmouth companies, these announcements will bring high-quality jobs, opportunities for young people and economic growth to our city.
“One of my key priorities is to bring investment to Portsmouth, so I’m delighted to see these tangible plans to target support at those who need it most and make it easier for local businesses and people to succeed.”
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.”
