Wales to benefit from new UK industrial investment plan
Wales is set for increased economic growth, billions in investment and tens of thousands of new jobs over the next decade as a result of the UK Government’s modern Industrial Strategy, published today (Monday 23 June).
The strategy will cut electricity costs for more than 7,000 UK manufacturers by up to 25 per cent and establish a centre for doctoral training in semiconductors, led by Swansea University, building on the world-leading cluster in south Wales.
From 2027, the British Industrial Competitiveness Scheme will reduce electricity costs by up to £40 per megawatt hour for electricity-intensive firms in sectors such as automotive, aerospace and chemicals, exempting them from levies including the Renewables Obligation, Feed-in Tariffs and the Capacity Market.
Wales will receive more than £4 billion for its advanced manufacturing sector over the next five years.
Wales has a leading advanced manufacturing sector with companies such as Airbus based in Broughton.
Additional support includes a defence growth deal cluster, a new British Business Bank champion for the Cardiff Capital Region, and a £30 million Local Innovation Partnerships Fund delivered with Welsh Government and Innovate UK.
The National Wealth Fund will work with the Development Bank of Wales to secure financing for major investment projects, while a new £600 million Strategic Sites Accelerator aims to boost the supply of investible sites.
Jo Stevens, Secretary of State for Wales, said:“Wales has huge potential and our government’s Industrial Strategy will harness the strengths of our businesses and workforce to drive growth and create jobs.The strategy will support key sectors like aerospace and compound semiconductors while developing industries of the future like floating offshore wind where Wales is well-placed to be a world leader.Our modern Industrial Strategy is built to last and make Wales one of the best places to invest and do business. Working alongside Welsh Government we will boost growth, raise wages and create wealth across our country.”
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