The UK government is aiming to slash energy prices, unlock investment and upskill
the workforce in its Industrial Strategy.
The government says the Industrial Strategy was developed in partnership with
business and includes targeted support for the areas of the country and economy
that have the greatest potential to grow.
It says it will slash electricity costs by up to 25% from 2027 for
electricity-intensive manufacturers in growth sectors and foundational
industries in their supply chain.
The government says it will unlock billions in finance for innovative business,
especially for SMEs by increasing British Business Bank financial capacity to
£25.6 billion.
Finally, it has pledged to upskill the nation with an extra £1.2 billion each
year for skills by 2028/29.
Alex Veitch, Director of Policy at the British Chambers of Commerce (BCC), said:
'Attracting and retaining people with the right skills is crucial for
business, and a fundamental part of driving economic growth.
'We are pleased the government has listened to our calls and put skills at
the heart of the Industrial Strategy. The extra cash investment for training
in key sectors, such as defence and engineering, has the potential to be a
real springboard for growth.
'Further action is needed on skills, including more flexibility in the Growth
and Skills Levy and a commitment to Local Skills Improvement Plans across
England, many of which are successfully led by Chambers.
'This week's Industrial Strategy must provide an ambitious long-term plan to
drive forward investment and growth through businesses across the UK.'
Internet link: GOV.UK BCC