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Responding to the latest ONS data on industrial energy costs Sam Richards, CEO of pro-growth campaign group Britain Remade, said:

“These figures are a wake-up call. Sky-high energy costs have gutted Britain’s industrial base, with output in sectors like steel and chemicals collapsing to record lows. If we’re serious about protecting jobs and rebuilding our manufacturing strength, we need to cut industrial electricity costs, and fast.

“That means unleashing a wave of investment in renewables and new nuclear, including small modular reactors, which offer a game-changing opportunity to power energy-intensive industries in Britain’s industrial heartlands with clean, affordable electricity.

“We also need to fix the way we price electricity. Local pricing would bring down bills across the country, but especially in places with abundant clean energy like Scotland and the North, making them magnets for industrial investment.

“The path forward is clear: back renewables, build new nuclear, and give industry the energy system it needs to thrive.”