£420m energy savings for firms

BUSINESS Secretary Peter Kyle has pledged his support for British industries by announcing a £420million energy-savings package, but declined to comment on whether they would face tax rises in the Budget.

- By John Smith

TAKING ACTION: Peter Kyle

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

Kyle said: “This is targeted support for energy-intensive industries, meaning British businesses are going to be £420m more competitive.” When asked if he could reassure businesses in the run up to the Budget on November 26, he said: “Don’t go on my words, go on my actions.”

Mr Kyle said the Budget would “build on” progress made by the Government.