Preet Kaur Gill MP backs Industrial Strategy to boost local businesses, enhance skills and support growth across the West Midlands

Preet Kaur Gill MP
Jun 23
3 min read

Government slashes energy prices by 25% for manufacturers
This Modern Industrial Strategy will double business investment in growth sectors to £240bn a year by 2035.
This Industrial Strategy will make the UK the best country to invest in and grow a business, delivering on the Plan for Change.

The government has today unveiled the UK’s Modern Industrial Strategy, a bold 10-year plan to tackle the barriers holding back British businesses and unlock investment across the country.

As part of the announcement, energy costs will be slashed by 25% for eligible manufacturers, bringing prices in line with Europe and accelerating grid connections through the new Energy Price Relief Scheme.

Key measures include:

Energy prices cut by 25% for 1000s of businesses across the country
Unlocking billions in business finance, including for SMEs through the British Business Bank and National Wealth Fund.
Reforming the skills system to prioritise digital, engineering, and defence skills.
Investing over £20bn in R&D for growth sectors
Cutting regulation costs by 25% and streamlining planning for major projects.

The Industrial Strategy is a 10-year plan to promote business investment and growth and make it quicker, easier and cheaper to do business in the UK, giving businesses the confidence to invest and create 1.1 million good, well-paid jobs in thriving industries – delivering on this government’s Plan for Change.

The Strategy will focus on eight key growth sectors including advanced manufacturing and digital and technologies which support 917,000 jobs in the West Midlands.

The Strategy also identifies life sciences as a ‘growth-driving sector’, building on work led by Preet Kaur Gill MP and Al Carns MP to support life sciences by bringing together partners across the public and private sector.

Commenting on the announcement, Preet Kaur Gill MP, Member of Parliament for Birmingham, Edgbaston, said:

“This is a game-changer for the West Midlands. By cutting energy costs and unlocking investment, this strategy will help local businesses grow, create high-quality jobs, and boost our economy.

“This means our proud manufacturing sectors can expand operations, and new investments in automotive, clean energy, digital and tech will bring opportunities for young people and skilled workers alike.

“The Strategy builds on the Spending Review and Infrastructure Plan, targeting support where it’s needed most and making it easier for all businesses to thrive. It aims to double business investment in growth sectors to £240bn annually by 2035.

“This is proof that Labour is delivering on its Plan for Change and committed to delivering the long term stability and investment that industry needs to grow.”

Business and Trade Secretary Jonathan Reynolds said:

“We’ve said from day one, Britain is back in business under this government and our Plan for Change is already delivering for working people.

“This Strategy will ensure the UK is the best place to invest and do business, delivering growth that puts more money in people’s pockets and pays for our NHS, schools and military.”

Regional Jobs in the West Midlands

Industrial Strategy growth-driving ‘IS-8’ Sector	Number of Jobs
Advanced Manufacturing	279,000
Creative Industries	90,000
Clean energy	83,000
Defence	7,100
Digital and technologies	132,000
Financial services	60,000
Life Sciences	21,294
Professional and business services	245,000