Manufacturing Industries: Research
The question
To ask the Secretary of State for Business and Trade, what assessment he has made of the potential impact of high energy costs on the R&D budgets of manufacturing firms.
Answered by Chris McDonald
This Government is committed to reducing energy costs for energy intensive businesses, including eligible manufacturers investing in R&D. From 2027 the British Industrial Competitiveness Scheme (BICS) will reduce electricity costs for over 10,000 eligible manufacturing businesses, by up to £40 per megawatt hour.
The British Industry Supercharger is supporting the competitiveness of around 550 energy and trade-intensive firms across Great Britain. This results in a saving of between £65- £87 per megawatt hour.
Additionally, the Advanced Manufacturing Sector Plan commits to £4.3bn of funding for Frontier Sectors over a five-year period including up to £2.8 billion for R&D funding alone.
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