Portsmouth MP Amanda Martin has endorsed the government’s Modern Industrial Strategy, a comprehensive 10-year initiative designed to reduce energy costs by 25% for manufacturers and unlock nationwide business investment opportunities.
The ambitious plan aims to eliminate obstacles hampering British enterprises while stimulating investment throughout the nation. Energy expenses will be reduced by a quarter for qualifying manufacturers through the newly established Energy Price Relief Scheme, aligning UK prices with European standards and expediting grid connections.
The comprehensive package encompasses several transformative measures:
- 25% reduction in energy costs for thousands of enterprises nationwide
- Enhanced access to business financing, particularly benefiting SMEs via the British Business Bank and National Wealth Fund
- Skills system overhaul prioritising digital, engineering, and defence capabilities
- More than £20bn investment in research and development for expanding sectors
- 25% decrease in regulatory expenses alongside simplified planning procedures for significant projects
The strategy targets doubling business investment in growth sectors to reach £240bn annually by 2035, positioning the UK as the premier destination for business investment and expansion.
The initiative will support 1.5 million positions across the South East, concentrating on eight strategic growth areas:
- Advanced Manufacturing
- Clean Energy Industries
- Creative Industries
- Defence
- Digital and Technologies
- Financial Services
- Life Sciences
- Professional and Business Services
Portsmouth North MP Amanda Martin welcomed the announcement, stating: “This is a game-changer for Portsmouth. By cutting energy costs and unlocking investment, this strategy will help local businesses grow, create high-quality jobs, and boost our economy.”
She added: “This means manufacturers in Portsmouth can expand operations, and new investment in defence will bring opportunities for young people and skilled workers alike.”
Martin emphasised that the strategy complements the Spending Review and Infrastructure Plan, directing assistance where most needed whilst facilitating business success across all sectors.
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“This is proof that Labour is delivering on its Plan for Change and committed to delivering the long term stability and investment that industry needs to grow,” she concluded.
Business and Trade Secretary Jonathan Reynolds commented: “We’ve said from day one, Britain is back in business under this government and our Plan for Change is already delivering for working people.”
“This Strategy will ensure the UK is the best place to invest and do business, delivering growth that puts more money in people’s pockets and pays for our NHS, schools and military,” Reynolds added.
The 10-year framework represents the government’s commitment to fostering business investment and growth whilst creating 1.1 million well-compensated positions in flourishing industries as part of the administration’s Plan for Change.
