Budget: Manufacturers get £7bn to cut energy costs
Manufacturers have been given a financial boost in George Osborne’s Budget statement today.
The Chancellor has decided that he can help the UK’s manufacturing sector to be more competitive and to grow by reducing energy costs.
“We are going to have a £7bn package to cut energy bills for British manufacturers,” said Osborne.
He pointed to the US, where he said the relatively lower cost of energy would allow the US to create five million new manufacturing jobs by the end of the decade.
The Chancellor said he wants to give the UK’s manufacturers similar help, and he believes the trigger will be greater use of alternative energy sources.
“Energy costs need to be cut by investing in new sources of energy for Britain’s manufacturing to be competitive,” said the Chancellor.
Osborne is also to encourage exports by doubling financing available to exporters to £3bn.