Monday 22 August 2022

Boris Johnson ‘approves funding for Sizewell C nuclear plant’

Prime Minister Boris Johnson has reportedly approved funding for a new nuclear power station at Sizewell in Suffolk.

The financial package will support the construction of two new reactors at Sizewell C, which will generate 3.2GW of electricity.

That's enough to provide 7% of the UK's power needs - equivalent to powering around six million homes annually.

It is also expected to enable private funding of between £20 billion - £30 billion to be raised.

The latest reports come just weeks before Mr Johnson's successor takes office and has reportedly triggered concerns among senior allies of frontrunner Liz Truss over the financial decision.

Reports claim in a letter leaked to the Sunday Times, Simon Clarke, a Treasury minister and a key ally of Liz Truss said the costs of Sizewell C were “sufficient to materially affect spending and fiscal choices for an incoming government, especially in the context of wider pressures on the public finances”.

The government is expected to buy a 20% stake in the Sizewell C nuclear plant, costing up to £6 billion.