Chancellor Jeremy Hunt, in the Autumn Statement delivered in the House of Commons, unveiled a measure aimed at providing residents in proximity to recently constructed electricity infrastructure with an annual reduction of £1,000 on their energy bills.
The initiative, forming part of a broader strategy, seeks to alleviate energy costs for citizens and strengthen the nation’s energy security.
The Chancellor added: “These measures will cut grid access delays by 90% and offer up to £10,000 off electricity bills over ten years for those living closest to new transmission infrastructure.”
This expansion is intended to streamline the planning and development processes of critical energy infrastructure, providing financial relief for communities and contributing to a more sustainable and secure energy future.
The government has also pledged to create three new Investment Zones in England to bolster green industries and advanced manufacturing, promoting job growth and economic development.
In the Autumn Statement, it is stated: “The government continues to back the growth sectors of the future and is announcing further targeted support for digital technology, green industries. life sciences, advanced manufacturing and creative industries.
“This includes making available £4.5 billion to unlock investment in strategic manufacturing sectors – auto, aerospace, life sciences and clean energy – which are developing cutting edge technology and driving our transition to net zero. Together with existing manufacturing support and decarbonisation plans, this funding will level up communities across the country with higher-paid jobs, improve the UK’s energy security and help grow the sectors of the future.”