UK Business Secretary Peter Kyle is launching an eight-week consultation on the British Industrial Competitiveness Scheme (BICS), designed to cut electricity bills for more than 7,000 UK manufacturers by up to 25%.

The scheme, set to begin in April 2027, aims to support hundreds of thousands of jobs in sectors such as automotive, aerospace, and chemicals by reducing bills by approximately £35-£40 per megawatt hour. The consultation period spans from November 24, 2025, to January 19, 2026.

In addition, Kyle announced a new five-year plan for the Government-owned British Business Bank, providing a £4 billion boost to accelerate investment in promising domestic scale-ups.