British Industry Supercharger launched by government

The Department for Business and Trade and the Department for Energy Security and Net Zero have launched the British Industry Supercharger, which it is said will benefit 300 businesses.

The supercharger contains "targeted measures to ensure the energy costs for key UK industries are in line with other major economies around the world – levelling the playing field for British companies across Europe."

The support will be directed at sectors particularly exposed to the cost of electricity, including steel, metals, chemicals and paper.

It is proposed that the supercharger will exempt firms from the certain costs arising from renewable energy obligations including the Feed in Tariff, Contracts for Difference and the Renewables Obligation, as well as GB Capacity Market costs, whilst exploring reductions on network charges.

Business and trade secretary Kemi Badenoch said: "This is carefully crafted support that will mean strategically-important UK industries like steel and chemicals remain competitive on the world stage.

"We will back these businesses to keep on growing our economy and delivering high-quality jobs and investment into the UK, as well as the products we rely on for our everyday lives and work."

Energy security secretary Grant Shapps said: "Putin’s weaponization of energy has shown how secure and affordable energy is vital to all parts of our economy – especially key sectors like steel and chemicals.

"Today’s measures will help deliver the affordable, reliable energy that these industries need to become greener, and secure jobs for the future."

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