‘Sticking plaster’ measures on business energy costs

Measures to cut business energy costs are only a ‘sticking plaster’ solution, industry leaders have warned.

A report by EnergyUK said the UK’s industrial strategy must go further to address the key barriers to economic growth and unlock the full benefits of electrification.

It said measures such as support offered through the British Industrial Competitiveness Scheme, which aims to reduce electricity costs for around 10,000 businesses fails to address the underlying problem of high electricity costs and leaves the majority of the economy unsupported even as energy costs remain high due to the war in the Middle East.

The report calls for a renewed focus on building an electrified economy through reforms that encourage investment, strengthen domestic supply chains, and improve the UK’s international competitiveness.