UK industrial electricity prices are the highest in the G7 and 46 per cent above the average of the International Energy Agency.

The Industrial Strategy contains bold ambitions for cutting energy prices. Yet, for all the glossy presentation, the underlying thinking remains the same: a conviction that Whitehall can shape markets more effectively than the market itself, says Emmanuel Igwe

We have learned through history that real progress emerges not from the bureaucratic designs of government but from the unpredictable, bottom-up ingenuity of individuals and businesses left to pursue their ambitions. This lesson, often ignored by policymakers, feels pertinent as Britain’s new Industrial Strategy was unfurled by Keir Starmer’s government this week, with the promise of a “modern” ten-year plan to transform the nation’s economic fortunes. Yet, a closer look at both the document and the broader context of recent government decisions suggests a familiar pattern: an overbearing state, a patchwork of interventions, and a persistent reluctance to let markets do the heavy lifting.

Looking at the latest data on the state of British Industry leaves little to hope for. Current ONS figures show production output declining by 0.6 per cent; with manufacturing output falling by 0.9 per cent. Between March and April this year, eight of 13 manufacturing subsectors experienced decreased output, of which machinery and transport equipment suffered the largest hit to production. This is a result of a stagnating manufacturing sector over the past three months, showing no growth compared to the same period last year. For eight months in a row, the........

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