British Industrial Competitiveness Scheme
Baroness Dacres of Lewisham Excerpts(1 day, 8 hours ago)
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Baroness Lloyd of Effra (Lab)
The noble Earl has raised the question again and he is right to draw my attention to the fact that I did not address it the first time round. This scheme will be subject to the Subsidy Control Act and the necessary declarations. That detail is set out in the consultation paper that we published. On his specific question about the CMA and the retail energy market, I will revert to him.
Baroness Dacres of Lewisham (Lab)
My Lords, while the scheme supports energy-intensive sectors, can my noble friend the Minister set out how it will strengthen the competitiveness of our manufacturing base while still supporting jobs and growth in our communities across the country?
Baroness Lloyd of Effra (Lab)
I thank my noble friend for her question. The BICS will bring down electricity costs in line with other economies in the EU14, cutting costs by £35 to £40 per megawatt-hour, which will enable businesses to compete. The scheme is open to businesses of all sizes in Great Britain and is aligned with all the support that is going into the industrial strategy, including investment in skills and people.