Boris Johnson gives go-ahead for funding of new nuclear power station
BORIS Johnson has given the go-ahead for funding of a new nuclear power station sparking fears from a senior Liz Truss ally that it could tie the hands of his successor.
The PM and Chancellor Nadhim Zahawi are backing the multi-billion pound financing for the construction of the Sizewell C nuclear reactor.
The government is expected to take a final decision on public investment early next year for a 20 per cent stake that could cost around £6 billion with private funding costing up to £30 billion.
But two key supporters appeared to be divided on the issue, with Business Secretary Kwasi Kwarteng “massively” behind the plan while Treasury Minister Simon Clarke has raised concerns.
Kwarteng has stressed the need to “crack on with more nuclear power stations” in order to boost the country’s energy security.
But in a leaked letter, Clarke said the costs of the Suffolk plant would “materially affect spending and fiscal choices for an incoming government” and highlighted the wider pressures on public finances.
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Mr Johnson has said he wouldn’t be making any major decisions before he leaves office on September 6.
Truss has pledged tax cuts and is under pressure to support the vulnerable with the energy price cap set to surpass £6,000 in April, experts suggest.
A Government spokeswoman said: “Nuclear power has a key role to play as we work to reduce our reliance on fossil fuels and exposure to volatile global gas prices.
“Negotiations are still ongoing on Sizewell C and as these are active and commercially sensitive discussions we cannot comment further.”
