Latest news with #industrialStrategy
Yahoo
12 hours ago
- Automotive
- Yahoo
Car makers call for planned easing of electricity costs to go further
Government measures to ease industrial electricity costs should go further to help end the 'structural disadvantage' faced by UK automotive companies, a representative body said. The Society of Motor Manufacturers and Traders (SMMT) called for the proposed relief on standing charges included in the Industrial Strategy published on Monday – which will apply to battery manufacturing – to be extended to automotive manufacturing. It stated that UK automotive manufacturers pay more for electricity than anywhere else in Europe, and in excess of double the average. This is partly because of energy taxes which are six times higher and added more than £200 million to manufacturers' bills last year, the SMMT said. It stated: 'Rapid implementation of the reforms to industrial energy costs set out in the Industrial Strategy would cut the sector's electricity bill by a fifth, helping ease this structural disadvantage.' The SMMT added that compared with other major economies, the UK has the highest business rates and is 'among the worst for the burden of government regulation'. It called for the Government to 'recreate a competitive edge', declaring that 'the time now is for giant leaps'. SMMT chief executive Mike Hawes said: 'We welcome the Government's Industrial Strategy, a 10-year plan which answers our call for a long-term commitment to automotive manufacturing. 'With action to reduce electricity costs, upskill workers and unlock finance, it lays the foundation on which we can build our future. 'We now need to see the strategy implemented and at pace, because competitors will move fast so our window of opportunity will not remain open for long. 'The prize, however, in terms of jobs, innovation and economic growth – green growth at that – is worth the investment.'
The Independent
12 hours ago
- Automotive
- The Independent
Car makers call for planned easing of electricity costs to go further
Government measures to ease industrial electricity costs should go further to help end the 'structural disadvantage' faced by UK automotive companies, a representative body said. The Society of Motor Manufacturers and Traders (SMMT) called for the proposed relief on standing charges included in the Industrial Strategy published on Monday – which will apply to battery manufacturing – to be extended to automotive manufacturing. It stated that UK automotive manufacturers pay more for electricity than anywhere else in Europe, and in excess of double the average. This is partly because of energy taxes which are six times higher and added more than £200 million to manufacturers' bills last year, the SMMT said. It stated: 'Rapid implementation of the reforms to industrial energy costs set out in the Industrial Strategy would cut the sector's electricity bill by a fifth, helping ease this structural disadvantage.' The SMMT added that compared with other major economies, the UK has the highest business rates and is 'among the worst for the burden of government regulation'. It called for the Government to 'recreate a competitive edge', declaring that 'the time now is for giant leaps'. SMMT chief executive Mike Hawes said: 'We welcome the Government's Industrial Strategy, a 10-year plan which answers our call for a long-term commitment to automotive manufacturing. 'With action to reduce electricity costs, upskill workers and unlock finance, it lays the foundation on which we can build our future. 'We now need to see the strategy implemented and at pace, because competitors will move fast so our window of opportunity will not remain open for long. 'The prize, however, in terms of jobs, innovation and economic growth – green growth at that – is worth the investment.'
