Published by Global Banking and Finance Review
Posted on June 23, 2025
LONDON (Reuters) -Britain aims to cut the electricity bills of thousands of companies from 2027, the key reform in its industrial strategy for the next decade, which it published on Monday.
The main parts of its plan are below.
ADVANCED MANUFACTURING
Investment of up to 2.8 billion pounds ($3.76 billion) in R&D programmes over the next five years to spur innovation, automation, digitisation and commercialisation.
CLEAN ENERGY INDUSTRIES
Britain is targeting at least a doubling of current investment levels across the clean energy industries to over 30 billion pounds per year by 2035.
CREATIVE INDUSTRIES
Establish a 150 million pound growth fund and financial support for screen, music, and video games.
LIFE SCIENCES
Make Britain one of the world's top three life sciences economies through reforms and investment, including up to 600 million pounds for a Health Data Research Service to create an advanced, secure, and AI ready health data platform.
PROFESSIONAL AND BUSINESS SERVICES
The government said it was including the sector in a national industrial plan for the first time as it seeks to build on the UK's strengths in areas such as accountancy, legal services and management consultancy.
It said it would help fund the adoption of artificial intelligence, negotiate with other governments for mutual recognition of professional qualifications to boost exports and launch five new professional business services hubs in England and Scotland.
DIGITAL AND TECHNOLOGY
Britain wants to become one of the top three places in the world for developing technology businesses, promising reforms to boost R&D and skills, improve regulation and collaborate more closely with the private sector and other nations.
It said it would prioritise frontier technologies such as advanced connectivity, artificial intelligence, cyber security, engineering biology, quantum technologies and semiconductors.
EU COOPERATION
Britain said it planned to cooperate more with the European Union on energy and carbon pricing to remove red-tape, making it easier for business to trade and enabling investment in projects in the North Sea.
"We will both explore the UK's participation in the EU's internal electricity market and continue technical regulatory exchanges on new energy technologies," the strategy said.
($1 = 0.7437 pounds)
(Reporting by UK bureau)
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