The Chancellor Rachel Reeves has signed off £14.2 billion of investment to build a new Sizewell C nuclear plant as the government wants to move away from fossil fuels.
Rolls-Royce is the preferred bidder to build small modular reactors (SMRs) at the plant in Suffolk with £2.5 billion of taxpayer’s money.
On Wednesday the Chancellor will announce her spending review where Reeves will allocate billions in investment for infrastructure projects over the next ten years.
The Chancellor said, “The UK is back where it belongs, taking the lead in the technologies of tomorrow with Rolls-Royce SMR as the preferred partner for this journey.”
Speaking at the GMB union’s congress in Brighton, Reeves said, “This Labour government is investing in the biggest rollout of nuclear power in a generation.”
The SMR will support around 3,000 jobs and will be able to power up to 3 million homes.
Reeves said, “This government is giving our full backing to the Sizewell C nuclear plant, providing £14.2 billion of additional funding for the first directly state-funded nuclear power station since 1988.”
Energy Secretary Ed Miliband said, “We need new nuclear to deliver a golden age of clean energy abundance, because that is the only way to protect family finances, take back control of our energy, and tackle the climate crisis.
“This is the Government’s clean energy mission in action – investing in lower bills and good jobs for energy security.”
Speaking to the Guardian Miliband said, “We know that we’re going to have to see electricity demand at least double by 2050. All the expert advice says nuclear has a really important role to play in the energy system.
“In any sensible reckoning, this is essential to get to our clean power and net zero ambitions.”
The joint managing directors of Sizewell C, Julia Pyke and Nigel Cann, said, “Today marks the start of an exciting new chapter for Sizewell C, the UK’s first British-owned nuclear power plant in over 30 years.”
