"We are not only extending our support through the compensation scheme, by offering a greater level of compensation to eligible firms, we are delivering more relief from electricity costs for these industries."
The scheme provides businesses with relief for the costs of the UK Emissions Trading Scheme and Carbon Price Support mechanism in their electricity bills.The business lobby group's programme director for decarbonisation, Tom Thackray, said:"Rising energy prices continue to weigh heavily on firms' cashflow and production volumes, which are facing higher costs than their international counterparts. This compensation will go some way to closing that gap.
"The government must now build on this package by actioning further support measures announced in the recent BritishGareth Stace, the director of industry body UK Steel, said:"The three-year extension of the EII compensation scheme and the increase in the level of relief provided by it delivers on a long-standing industry ask and gives the UK steel sector a much-needed reduction in electricity costs.
"This increase in compensation is a key priority for the steel sector and is a much-needed step to tackling the industrial electricity prices that hold the UK steel sector back from competing with our European counterparts.
Cost of living crisis for so many people.