UK chancellor cuts bills for thousands more firms during Washington talks

On 2026-04-16, UK Chancellor Rachel Reeves expanded the British Industrial Competitiveness Scheme to cut electricity bills for thousands of UK manufacturing firms. The plan would cut costs by up to £40 per megawatt-hour from 2027 and add a one-off payment for an extra 3,000 businesses. The announcement was made during Washington talks at the IMF spring meetings.