The other side of the recent hikes in consumer energy costs – taking their toll on take-home pay across the UK – are the similar cost increases for industry.
Focussing on high-energy users, the government recently announced the following increased support for Energy Intensive Industries (IEE).
High energy usage businesses, such as steel and paper manufacturers, are set to receive further support for electricity costs as the government has confirmed details Friday 29 April, of the Energy Intensive Industries (EII) compensation scheme.
The scheme will also provide support for companies that manufacture batteries for electric vehicles, supporting the UK’s drive to capitalise on the global shift to greener technologies.
The scheme will be extended for a further 3 years and its budget will be more than doubled. This will help ensure the UK remains an attractive investment destination for energy intensive industries, whilst encouraging greater electrification to help cut emissions as part of the green industrial revolution across the country.
Today’s announcement will add to the more than £2 billion the government has provided since 2013 to support businesses in energy intensive sectors with the price of electricity bills.
Industry Minister Lee Rowley said:
“We want to keep the UK at the forefront of manufacturing, helping our energy intensive industries remain competitive and sustainable for the long term, and continuing to power our economy with thousands of jobs across the country.
“We are not only extending our support through the compensation scheme, by offering a greater level of compensation to eligible firms, we are delivering more relief from electricity costs for these industries.”
The scheme provides businesses with relief for the costs of the UK Emissions Trading Scheme (ETS) and Carbon Price Support mechanism in their electricity bills, recognising that UK industrial electricity prices are higher than those of other countries.
It will be interesting to see if the Treasury offers more support in the coming weeks for domestic consumers.
- Small companies required to file profit and loss when new Bill becomes law - September 26, 2023
- Companies House fees expected to rise to fund new powers - September 21, 2023
- Retirees set for second bumper State Pension hike as pay inflation soars - September 19, 2023
- Clampdown on hidden online fees to help shoppers cut costs - September 14, 2023
- One in five strips back pension contributions or halts them altogether - September 12, 2023
- Trying to track down a pension? Help is at hand - September 7, 2023
- Tax Diary September/October 2023 - September 5, 2023
- Class 2 and 4 NIC for the self-employed - September 5, 2023