LIVE: Rachel Reeves Announces Major Investment in Nuclear Power

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Ministers have agreed to take a £17.8 billion stake in the Sizewell C ­nuclear power plant in a move that they claim will reduce carbon emissions and even make money for the taxpayer. READ MORE: https://www.thetimes.com/uk/politics/article/sizewell-c-nuclear-plant-taxpayer-3z7jlqdd6 Under plans announced by Rachel Reeves, the chancellor, the government will increase its investment in the project by ­£14.2 billion over the next three years on top of £3.6 billion of public money committed under the Conservatives. Further funding will come from the French energy group EDF, which is building the plant, as well as private infrastructure investors. Whitehall sources said ministers decided to take a larger stake because they were confident it would provide a significant return to the taxpayer. Under the funding model, investors carry all the risk of cost overruns but are paid back through consumer bills and can make more money if the project comes in on time and on budget. A plant with the same design being built by EDF at Hinkley Point has run billions of pounds over budget and is not expected to open before the early 2030s, more than five years late. Read the best of our journalism: https://www.thetimes.com/ Subscribe to The Times and The Sunday Times YouTube channel: https://www.youtube.com/subscription_center?add_user=timesonlinevideo Find us on Facebook: https://www.facebook.com/timesandsundaytimes/ Find us on Twitter: https://twitter.com/thetimes Find us on Instagram: https://www.instagram.com/thetimes/ #livestream #uk #nuclear #rachelreeves