Starting in 2027, Britain plans to reduce electricity costs for thousands of businesses.
This is a central component of its industrial strategy for the upcoming decade, unveiled on Monday.
The UK Government’s foremost objective is to achieve robust, dependable, and enduring economic growth, thereby enhancing the quality of life for working individuals across the nation, according to the document.
Manufacturing and clean energy industries
Britain’s strategic vision outlines an ambitious investment of up to 2.8 billion pounds (equivalent to approximately $3.76 billion) over the next five years.
This substantial capital allocation is specifically earmarked for our robust Research and Development (R&D) programs, serving as a critical catalyst for innovation across all facets of our operations.
The core objective of this investment is to accelerate progress in several key areas: enhanced automation of processes, comprehensive digitisation of Britain’s infrastructure and services, and the expedited commercialisation of its groundbreaking research.
By channeling these resources into R&D, the UK aims to not only foster a culture of continuous improvement and discovery but also to solidify its position as a leader in leveraging cutting-edge technologies for sustainable growth and market expansion.
Additionally, the UK aims to at least double current investment levels across clean energy industries to over 30 billion pounds per year by 2035.
Creative industries and life sciences
The plan is to establish a 150 million pound growth fund and provide financial support for the screen, music, and video games industries under the creative industries, the documents stated.
The ambition for Britain’s life sciences sector is bold: to elevate it into one of the world’s top three economies in the field.
This pivotal goal hinges on a two-pronged strategy: comprehensive reforms and substantial investment.
A cornerstone of this investment is a commitment of up to £600 million dedicated to establishing a cutting-edge Health Data Research Service.
This significant financial injection is earmarked for the creation of an advanced, secure, and AI-ready health data platform.
By streamlining access to health data in a secure and intelligent manner, the UK aims to accelerate drug discovery, improve patient outcomes, and solidify its position as a global leader in medical and biotechnological advancements.
Professional and business services
For the first time, the government is incorporating the accountancy, legal, and management consulting sectors into a national industrial plan, according to the document.
This initiative aims to leverage the UK’s existing strengths in these areas.
It would help fund AI adoption, launch five new professional business services hubs in England and Scotland, and negotiate with other governments for mutual recognition of professional qualifications to boost exports.
Digital and technology
Britain aims to be a global leader in technology business development, ranking among the top three nations.
This ambition will be realised through reforms focused on boosting research and development, and skills, enhancing regulation, and fostering closer collaboration with both the private sector and other countries.
It is committed to prioritising advanced connectivity, artificial intelligence, cybersecurity, engineering biology, quantum technologies, and semiconductors as key frontier technologies.
Additionally, to foster easier trade and encourage investment in North Sea projects, Britain announced its intention to increase cooperation with the European Union on energy and carbon pricing, aiming to reduce bureaucratic obstacles.
The strategy document said:
We will both explore the UK’s participation in the EU’s internal electricity market and continue technical regulatory exchanges on new energy technologies.
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