Portsmouth MP Stephen Morgan has welcomed the government’s new Industrial Strategy, which will cut energy prices by 25% for manufacturers and aims to boost business investment nationwide over the next decade.
The comprehensive 10-year Modern Industrial Strategy promises to slash energy costs for thousands of eligible manufacturers, bringing UK prices in line with European levels through the new Energy Price Relief Scheme.
The ambitious plan includes several significant reforms:
- 25% reduction in energy prices for eligible businesses nationwide
- Enhanced business financing through the British Business Bank and National Wealth Fund
- Skills system overhaul focusing on digital, engineering, and defence capabilities
- More than £20 billion investment in research and development for growth sectors
- 25% cut in regulatory costs and simplified planning for major developments
The strategy targets eight priority growth sectors spanning advanced manufacturing, clean energy industries, creative industries, defence, digital technologies, financial services, life sciences, and professional business services.
The government projects the initiative will generate 1.1 million well-paid positions in expanding industries whilst supporting 1.5 million jobs across the South East region. Business investment in growth sectors is expected to reach £240 billion annually by 2035.
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Portsmouth South MP Stephen Morgan expressed enthusiasm about the announcement’s potential local impact.
“The 10-year plan announced today will be transformative for Portsmouth businesses,” Morgan stated.
“By attracting investment and cutting energy bills for Portsmouth companies, these announcements will bring high-quality jobs, opportunities for young people and economic growth to our city.
“One of my key priorities is to bring investment to Portsmouth, so I’m delighted to see these tangible plans to target support at those who need it most and make it easier for local businesses and people to succeed.”
Business and Trade Secretary Jonathan Reynolds emphasised the strategy’s broader significance.
“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,” Reynolds commented.
“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.”
