Latest news with #RenewablesObligation
New Straits Times
11 hours ago
- Business
- New Straits Times
Britain to cut companies' energy bills in new industrial strategy
LONDON: Britain will aim to cut the electricity bills of thousands of companies under a new industrial strategy to be published on Monday, heeding calls from business to lower high energy costs that they say have damaged competitiveness and hindered growth. Under an industrial strategy for the decade 2025-2035, the government plans to cut the bills of electricity-intensive manufacturers by up to 25 per cent from 2027, a move it said could benefit more than 7,000 businesses. The government has made boosting Britain's anaemic growth a key priority. But lawmakers and business leaders had highlighted the sky-high energy costs many companies face as a hindrance to that aim, with industry body Make UK saying government should scrap climate levies imposed on firms. Britain has been under pressure to do more to support its key industries and bolster competitiveness as the United States and the European Union also seek to do likewise, in a trade landscape upended by US President Donald Trump's tariffs. Alongside the strategy, five sectoral plans for areas such as advanced manufacturing, creative industries and clean energy are also set to be published. The Industrial Strategy focuses on eight previously identified sectors of strength for Britain, which also include defence and financial services. The government said it would exempt energy-intensive manufacturers from levies like the Renewables Obligation to boost their international competitiveness. "Tackling energy costs and fixing skills has been the single biggest ask of us from businesses and the greatest challenge they have faced – this government has listened," Business Secretary Jonathan Reynolds said in a statement. The government said the energy measures would be funded through reforms to the energy system, without raising household bills or taxes. The scope and eligibility for the scheme will be finalised after a consultation. Make UK said the industrial strategy was a "giant and much needed step forward" that also tackled a skills shortage in Britain's workforce and access to capital. The Confederation of British Industry said it was an "unambiguous, positive signal" that would provide a "bedrock for growth" The industrial strategy, Britain's first in eight years, will expand the state-owned British Business Bank's capacity to channel investment into smaller companies, and provide an extra 1.2 billion pounds (US$1.61 billion) a year on skills by 2028-29. The government added it would cut regulatory burdens on businesses, spend more on research and development and speed up planning processes.
Business Times
14 hours ago
- Business
- Business Times
Britain to cut companies' energy bills in new industrial strategy
[LONDON] Britain will aim to cut the electricity bills of thousands of companies under a new industrial strategy to be published on Monday, heeding calls from business to lower high energy costs that they say have damaged competitiveness and hindered growth. Under an industrial strategy for the decade 2025-2035, the government plans to cut the bills of electricity-intensive manufacturers by up to 25 per cent from 2027, a move it said could benefit more than 7,000 businesses. The government has made boosting Britain's anaemic growth a key priority. But lawmakers and business leaders had highlighted the sky-high energy costs many companies face as a hindrance to that aim, with industry body Make UK saying government should scrap climate levies imposed on firms. Britain has been under pressure to do more to support its key industries and bolster competitiveness as the United States and the European Union also seek to do likewise, in a trade landscape upended by US President Donald Trump's tariffs. Alongside the strategy, five sectoral plans for areas such as advanced manufacturing, creative industries and clean energy are also set to be published. The Industrial Strategy focuses on eight previously identified sectors of strength for Britain, which also include defence and financial services. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up The government said it would exempt energy-intensive manufacturers from levies like the Renewables Obligation to boost their international competitiveness. 'Tackling energy costs and fixing skills has been the single biggest ask of us from businesses and the greatest challenge they have faced – this government has listened,' Business Secretary Jonathan Reynolds said in a statement. The government said the energy measures would be funded through reforms to the energy system, without raising household bills or taxes. The scope and eligibility for the scheme will be finalised after a consultation. Make UK said the industrial strategy was a 'giant and much needed step forward' that also tackled a skills shortage in Britain's workforce and access to capital. The Confederation of British Industry said it was an 'unambiguous, positive signal' that would provide a 'bedrock for growth' The industrial strategy, Britain's first in eight years, will expand the state-owned British Business Bank's capacity to channel investment into smaller companies, and provide an extra £1.2 billion (S$2.1 billion) a year on skills by 2028-29. The government added it would cut regulatory burdens on businesses, spend more on research and development and speed up planning processes. REUTERS
Mint
15 hours ago
- Business
- Mint
Britain to cut companies energy bills in new industrial strategy
LONDON, June 22 (Reuters) - Britain will aim to cut the electricity bills of thousands of companies under a new industrial strategy to be published on Monday, heeding calls from business to lower high energy costs that they say have damaged competitiveness and hindered growth. Under an industrial strategy for the decade 2025-2035, the government plans to cut the bills of electricity-intensive manufacturers by up to 25% from 2027, a move it said could benefit more than 7,000 businesses. The government has made boosting Britain's anaemic growth a key priority. But lawmakers and business leaders had highlighted the sky-high energy costs many companies face as a hindrance to that aim, with industry body Make UK saying government should scrap climate levies imposed on firms. Britain has been under pressure to do more to support its key industries and bolster competitiveness as the United States and the European Union also seek to do likewise, in a trade landscape upended by U.S. President Donald Trump's tariffs. Alongside the strategy, five sectoral plans for areas such as advanced manufacturing, creative industries and clean energy are also set to be published. The Industrial Strategy focuses on eight previously identified sectors of strength for Britain, which also include defence and financial services. The government said it would exempt energy-intensive manufacturers from levies like the Renewables Obligation to boost their international competitiveness. "Tackling energy costs and fixing skills has been the single biggest ask of us from businesses and the greatest challenge they have faced – this government has listened," Business Secretary Jonathan Reynolds said in a statement. The government said the energy measures would be funded through reforms to the energy system, without raising household bills or taxes. The scope and eligibility for the scheme will be finalised after a consultation. Make UK said the industrial strategy was a "giant and much needed step forward" that also tackled a skills shortage in Britain's workforce and access to capital. The Confederation of British Industry said it was an "unambiguous, positive signal" that would provide a "bedrock for growth" The industrial strategy, Britain's first in eight years, will expand the state-owned British Business Bank's capacity to channel investment into smaller companies, and provide an extra 1.2 billion pounds ($1.61 billion) a year on skills by 2028-29. The government added it would cut regulatory burdens on businesses, spend more on research and development and speed up planning processes. ($1 = 0.7435 pounds) (Reporting by Alistair Smout; editing by Clelia Oziel)
The Independent
29-01-2025
- Business
- The Independent
Starmer to look at report on legality of Drax power station subsidies
The Prime Minister has said he will look at a report which has accused Britain's biggest power station of illegally claiming Government subsidies. Drax power station in North Yorkshire receives millions of pounds a year in direct Government subsidies, in addition to multimillion-pound carbon tax breaks. Money for the subsidies comes from energy bill payers, because the electricity produced from burning wood pellets is classified as renewable. Biomass as a clean energy source has long been under dispute and the Government has faced calls to end financial support for companies such as Drax. Since 2012, the Drax power station has been given £7 billion of green subsidies by the Government for burning 27 million trees per year. That's enough money for five years of pensioners' winter fuel payments Rosie Duffield In the Commons, Independent MP Rosie Duffield urged Sir Keir Starmer to look at a report by financial services company KPMG 'before giving another £1 of taxpayers' money to Drax'. Currently, the subsidy scheme is due to end in 2027. At Prime Minister's Questions, the former Labour MP who represents Canterbury, said: 'Since 2012, the Drax power station has been given £7 billion of green subsidies by the Government for burning 27 million trees per year. That's enough money for five years of pensioners' winter fuel payments. 'While Ofgem has been asleep at the wheel, a recent KPMG report has concluded that Drax claimed those subsidies illegally. 'Will the Prime Minister today demand to see that KPMG report before giving another £1 of taxpayers' money to Drax?' Sir Keir replied: 'It is an important issue, of course we will look at the report, but I don't join in her description, we will look at the report.' A speech by Health Secretary Wes Streeting was interrupted by two women protesting against the continued subsidisation of the power station, on Saturday. Ofgem found no evidence that our biomass failed to meet the sustainability criteria of the Renewables Obligation (RO) scheme, nor that the ROCs (Renewables Obligation Certificates) we received for the renewable power we produced had been provided incorrectly Drax spokesperson The climate protestors, who said they voted Labour in 2024, were both swiftly removed from the Fabian Society's new year conference in London's Guildhall by security. A Drax spokesperson said: 'Ofgem found no evidence that our biomass failed to meet the sustainability criteria of the Renewables Obligation (RO) scheme, nor that the ROCs (Renewables Obligation Certificates) we received for the renewable power we produced had been provided incorrectly. 'The KPMG report referenced by Rosie Duffield did not come to that conclusion and was seen by Ofgem during their investigation. 'Drax provides secure renewable power to millions of homes and businesses when they need it, not just when the wind is blowing, or the sun is shining. 'The science underpinning biomass generation is supported by the world's leading climate experts, including the UN's IPCC (Intergovernmental Panel on Climate Change) and the UK's CCC (Committee on Climate Change).'
