The government has this week 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.
For a long while, I have asked ministers to consider the costs of energy to energy intensive industries such as the steel sector, so I am glad to see that 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.
Other key measures include:
• 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 will focus on eight key growth sectors including defence, creative industries, advance manufacturing and digital and tech, supporting jobs in Newport East.
This is a game-changer for Newport East. By cutting energy costs and unlocking investment,this strategy 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 proof that Labour is delivering on its Plan for Change and committed to delivering the long-term stability and investment that industry needs to grow.