Industrial Strategy Update

Summary

In this conversation, Liam Conway discusses the British Industrial Competitiveness Scheme aimed at reducing electricity costs in the UK to align with European markets. He highlights the challenges faced by energy-intensive industries, particularly those reliant on gas, and the need for broader eligibility in the scheme to support various sectors. The conversation emphasizes the importance of ongoing consultations and the potential for changes in government policy regarding energy costs.

Takeaways

• The British Industrial Competitiveness Scheme aims to reduce electricity costs.

• UK electricity costs are among the highest globally.

• The scheme will exempt eligible businesses from certain taxes.

• Eligibility for the scheme will be determined through consultation.

• Gas-intensive industries may not receive support under this scheme.

• Current energy policies may change before implementation.

• Trade associations play a role in determining eligibility for support.

• Some energy-intensive industries currently do not qualify for support.

• The volatility of gas markets poses challenges for businesses.

• Further updates on the scheme will be communicated to clients.