Around 500 of the UK’s most energy-intensive businesses, including those in the steel sector, are set to save up to £420m per year on their electricity bills from next April as the Government takes action to slash industrial energy costs. The support, which is being delivered at no extra cost to taxpayers, fulfils a crucial promise in the UK’s modern Industrial Strategy launched in June. It comes on top of the Government’s British Industrial Competitiveness Scheme (also announced in the Industrial Strategy) that will slash energy costs by 25% for over 7000 businesses from 2027 in sectors like aerospace and automotive.

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