Plans to subsidise electricity costs for hundreds of businesses to stop them relocating aboard have been announced by the Government.
A consultation has been launched on the option to increase the level of exemption for certain environmental and policy costs from 85% of costs up to 100%.
The Government said this reflects higher UK industrial electricity prices than those of other countries including in Europe, "which could hamper investment, competition and commercial viability for hundreds of businesses in industries including steel, paper, glass, ceramics, and cement, and risk them relocating from the UK".
READ MORE: Click here to sign up to the BusinessLive North West newsletter
It added that the plans could would help around 300 businesses supporting 60,000 jobs.
Business Secretary Kwasi Kwarteng said: "British manufacturers are the lifeblood of our economy and central to our plans to overcome this period of economic uncertainty.
"With global energy prices at record highs, it is essential we explore what more we can do to deliver a competitive future for those strategic industries so we can cut production costs and protect jobs across the UK."
Director general of UK Steel Gareth Stace added: "The publication of this consultation is a significant step forward in delivering competitive electricity prices for the UK steel sector and should provide some much-needed relief in the face of extremely challenging circumstances at the current time.
"While there remain difficulties, this announcement demonstrates that UK Government understands the challenges of British industry and continues to support steelmakers and steel communities across the country."
READ NEXT:
