Business Secretary Peter Kyle has pledged his support to British heavy industry with £420 million in energy savings - though declined to say whether they might face tax increases in the forthcoming Budget.
On Friday, the Government confirmed it would proceed with proposals to boost the discount on electricity network charges for businesses in the most energy-intensive sectors from 60% to 90%.
The initiative, which was put forward earlier this year and has undergone consultation, will enable approximately 500 businesses to save up to £420 million annually.
Announcing the decision during a visit to the Encirc Glass factory in Elton, near Chester, Mr Kyle said: "This is targeted support for energy intensive industries, so we'll be injecting into this £420 million worth of savings.
"That means that British businesses from today are going to be £420 million more competitive."
When questioned whether he could provide reassurance to businesses ahead of next month's Budget, he responded: "Don't go on my words, go on my actions."
Mr Kyle stated the Budget, which will be delivered on November 26, would "build on" advances achieved by the Government since Labour assumed office.
Asked whether the Government would adhere to manifesto pledges not to increase taxes in the Budget, he commented: "The Budget will be in a couple of weeks time. But don't just think about what might happen in the future. Take us at what we have actually done – planning reform, regulatory reform, a 10-year industrial strategy.
"We are making sure that we are targeting support to those high energy industries. We're making sure we're getting the infrastructure of our country, with 1.5 million homes, right through to the AI infrastructure that businesses will be depending on in the future right where it needs to be."
When pressed once more by the PA news agency about whether manifesto commitments not to increase taxes would be honoured, he declined to discuss the Budget publicly.
He stated: "There are quite severe market sensitivities around conjecture about the Budget, so we are trying our best to focus businesses on what we are already doing, because that is a very good indication of how we will approach situations like this when we make decisions about the future.
"The Budget will come in a few weeks time and we will be building on all of the great achievements that this Labour government has had since we came into office."
Mr Kyle was given a tour of the Encirc Glass factory, where bottles for a range of brands, including Guinness, WKD and Yellow Tail wine, are made.
The firm's managing director Sean Murphy described the announcement as a "major boost" for the company.
He said: "By cutting the costs of energy in this way, the Government is helping our industry to support thousands of jobs across the country whilst we make the transition to renewable sources of power.
"We welcomed the opportunity to engage with the minister on the pressing challenges facing our sector. Continued government support for vital industries like glass manufacturing is essential to safeguarding jobs and unlocking investment across all regions of the º£½ÇÊÓƵ."
º£½ÇÊÓƵ Steel has expressed approval for the announcement, however, director general Gareth Stace voiced his frustration over having to wait until 2027 for the savings to materialise.
He stated: "The Government's welcome move to uplift network charging compensation to 90% is a necessary step in the right direction, which will eventually save our sector £14.5 million a year.
"But a price gap will remain, and the wholesale price element must also be reformed next, or the º£½ÇÊÓƵ steel industry will continue to decline."
Mr Kyle praised the Government for its "bold" support of the British steel industry and revealed plans to launch a steel strategy later this year.
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