Cuts to industrial energy prices

THE Government plans to slash industrial energy prices for British manufacturers, enabling them to better compete with key rivals.

- By Guy Taylor

Ministers will unveil a multi-billion-pound package of taxpayer-funded support for the UK’s most energy intensive industries tomorrow as part of a new industrial strategy.

Plans to make energy prices more competitive have been central to final discussions between the Department for Business and Trade and the Treasury

Industries including steel, ceramics and chemicals will see standing charges for their power supply fall by up to 90 per cent per year, it has been reported.

Sources said Chancellor Rachel Reeves wanted to extend support to industries currently ineligible, with talks of a consultation that ropes in sectors such as advanced manufacturing.