Electricity bill cut for 1000s of firms

ELECTRICITY bills for thousands of businesses are set to be cut with the removal of green levies to help them compete with overseas rivals.

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The plan is central to Sir Keir Starmer’s ambitious 10-year industrial strategy aimed at energising sluggish economic growth and revolutionising the commercial sector -- and it could see bills cut by as much as 25%.

UK manufacturers have sounded alarms over “crippling” energy rates that dwarf those faced by foreign firms.

Starting from 2027, the new British Industrial Competitiveness Scheme will aim to slash overheads by up to £40 per megawatt hour for upward of 7,000 manufacturing entities by relieving them of levies such as those for the renewables obligation, feed-in tariffs, and the capacity market.