<\/p>\n
Rachel Reeves: right plan (pic: DB Media Services)<\/p>\n
Chancellor Rachel Reeves has cut some green levies on manufacturing firms to help them meet higher energy bills arising from the Iran War.<\/p>\n
Ms Reeves last year announced a 25% cut in electricity costs for more than 7,000 UK businesses and has now expanded this to cover a further 3,000 firms.<\/p>\n
The British Industrial Competitiveness Scheme (BICS) exempts these businesses from certain extra charges that currently support green energy. It is expected to be worth up to \u00a3600 million per year from next April<\/p>\n
Companies operating in the automotive, aerospace, steel, and pharmaceuticals sectors are among the those that will benefit, though there have been calls for the support to be applied immediately.<\/p>\n
Stephen Phipson, chief executive of the manufacturers\u2019 lobby group Make UK, said in response: \u201cWhile this announcement acknowledges the problem of high UK industrial energy costs, it doesn\u2019t provide the immediate solution to the critical cost pressures companies are facing right now.<\/p>\n
\u201cManufacturers are staring down the barrel of huge increases in their energy bills this month as they renegotiate their energy contracts and, when combined with other cost increases, many simply can\u2019t wait until 2027 for relief.<\/p>\n
\u201cFailure to provide help now risks substantial job losses and further deindustrialisation of a sector vital for our national security and resilience.\u201d<\/p>\n
Ms Reeves, who is in Washington for the International Monetary Fund (IMF) spring meetings, said: \u201cThis Government has the right plan for the economy: backing British industry, cutting electricity costs, and building a stronger, more resilient future.<\/p>\n
\u201cToday\u2019s announcement will cut energy bills for over 10,000 manufacturers, helping businesses to compete, win and create good jobs across the country, and to deliver our modern industrial strategy.\u201d<\/p>\n
Business Secretary Peter Kyle said: \u201cWe are a government of action, and when global instability puts businesses under pressure we\u2019ll always do what\u2019s needed to support them and ensure Britain\u2019s resilience.<\/p>\n
\u201cBy extending the reach of BICS by 40%, we\u2019re acting decisively to tackle the number one issue that businesses face head-on.\u201d<\/p>\n
Economy grew in February<\/p>\n
The UK economy was on a growth path in the month before war in Iran began, according to official figures.<\/p>\n
Gross domestic product rose by 0.1% compared to January, said the Office for National Statistics.<\/p>\n
However, \u00a0the Iran war is expected to hit the UK economy more than others.<\/p>\n
Britain\u2019s economic prospects have been\u00a0downgraded more than any other\u00a0major economy in the International Monetary Fund\u2019s latest update on the state of the world.<\/p>\n
\t #Reeves #urged #delay #energy #support #scheme #Daily #Business<\/p>\n","protected":false},"excerpt":{"rendered":"
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