CBI responds to Government announcement cutting electricity costs for businesses

Louise Hellem, Chief Economist, CBI, said: 

“UK businesses have faced some of the highest industrial electricity prices in the G7, making it harder to stay competitive internationally. Today's announcement has been long called for by the CBI to support levelling the playing field for British industry.   

“Bringing down costs for energy intensive businesses by cutting network charges and bringing costs closer in line with our European competitors fulfils an important commitment in the UK's modern Industrial Strategy.  

“But there's still further to go, easing energy cost pressures for all businesses is essential to provide the headroom to invest. As firms urgently await the British Industrial Competitiveness Scheme consultation, the upcoming Autumn Budget presents a vital opportunity to introduce targeted measures that help more businesses cut energy and electrify their processes.”