Chancellor Rachel Reeves has confirmed electricity bill cuts for over 10,000 manufacturers as the next phase of the Government’s plan to boost Britain’s competitiveness takes shape. It is hoped the move will help manufacturers compete, win and create good jobs. Automotive, aerospace, steel plants and metal fabricators are among the sectors where eligible businesses are to benefit from a one-off additional payment in 2027.

The payment will cover the support firms would have received if BICS had been in place from April 2026. Eligibility has also been expanded by 40%, from 7000 to over 10,000 manufacturers. This targets support at energy-intensive firms on the number one issue they face:  high electricity costs. From April 2027, eligible firms will see electricity bills cut by up to 25%.

More information www.gov.uk