Electricity discounts of £420m announced

BUSINESS Secretary Peter Kyle has pledged his support for British industries with an announcement of £420m energy savings, but declined to comment on whether they would face tax rises in the upcoming Budget.

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Yesterday, the UK Government confirmed it was going ahead with plans to increase the discount on electricity network charges for businesses in the most energy-intensive sectors from 60% to 90%.

‘The move, which was proposed earlier this year and has been subject to a consultation, will see about 500 businesses save up to £420m a year.

Making the announcement on a visit to the Encirc Glass factory in Elton, near Chester, Mr Kyle said: “This is targeted support for energy intensive industries, so we'll be injecting into this £420m worth of savings.