MP welcomes the Government’s announcement of its modern industrial strategy

WARRINGTON North MP Charlotte Nichols has welcomed the Government’s announcement of its modern industrial strategy, a ten-year plan designed to improve the UK’s business climate and increase resilience in the UK economy.

It will take a new approach to business development and support for key sectors including professional services, the creative industry and manufacturing.
The plan includes slashing electricity prices by up to 25% from 2027 for electricity-intensive manufacturers in the UK’s growth industries and foundational industries in their supply chain, bringing costs more closely in line with other major European countries. More than 7,000 British businesses are expected to benefit from the British Industrial Competitiveness Scheme, which is set to reduce electricity costs by up to £40 per megawatt hour as part of the Industrial Strategy.
Furthermore, the Industrial Strategy will unlock billions in finance for innovative businesses by increasing the British Business Bank capacity to £25.6 billion, crowding in tens of billions of pounds more in private capital. By investing largely through venture bonds, the British Business Bank will back the UK’s most high-growth potential companies.
The Industrial Strategy will also work to up-skill the nation with an extra £1.2 billion each year for skills by 2028/29, and delivering more opportunities to earn and learn in our high-growth sectors including new short courses in relevant skills funded by the Growth and Skills levy and skills packages targeted at defence, digital and engineering.
5,500 more Small and Medium Enterprises will also be supported to adopt new technology through the Made Smarter programme while centralising government support in one place through the Business Growth Service.

Ms Nichols said “The Modern Industrial Strategy will ensure the UK is the best country to invest and do business, delivering economic growth that puts more money into peoples pockets and pays for our NHS, schools and defence. Not only does this strategy prioritise investment to attract billions for new business sites, cutting-edge research and better transport links, it will also make our industrial electricity prices more competitive”.
UK Industry and Business leaders including the Director General of the British Chambers of Commerce and the Confederation of British industry released a joint statement saying:
“The Industrial Strategy launched today marks a significant step forward and a valuable opportunity for the business community to rally behind a new vision for the UK—boosting confidence, sentiment, and enthusiasm for investment.
“From start-ups and small businesses to large corporates, businesses need a more attractive, stable environment that enables faster, easier, and more certain investment decisions.
“We welcome the government’s engagement with businesses across the UK. Much of what we’ve shared has been heard and reflected in this strategy. While there’s more to do, we are ready to support the next steps.
“We encourage businesses nationwide to get behind this strategy and champion the UK as the best place to live, work, invest, and do business.”