The UK Government has published an update via GOV.UK relating to a new consultation on the British Industrial Competitiveness Scheme (BICS).

The consultation is seeking views on the proposed approach to the scheme, including how eligible businesses will be identified and selected. The scheme is intended to support UK manufacturing competitiveness, and feedback from industry will help shape its final design.

What’s changed?

As part of the update, the Government has made a revision to the list of manufacturing foundational industry codes set out in Table 3 of Annex A, which details the relevant Standard Industrial Classification (SIC) codes for both manufacturing frontier and foundational industries.

Why this matters?

Businesses operating within manufacturing-related sectors may wish to review the updated SIC codes to understand whether they could be affected by, or eligible for, the proposed scheme. Members are encouraged to consider whether responding to the consultation would be beneficial for their business or the wider sector.

Further details, including how to take part in the consultation, are available via GOV.UK.