UK’s First New Reactor in a Generation, Hinkley Point C, to give £50Billion Boost
China is set to announce a landmark investment in Hinkley Point C today, the UK’s first new nuclear reactor in a generation.
Today’s announcement, the commercial centrepiece of Chinese President Xi Jinping’s four state visit to the UK, is a huge step in the right direction for what is set to be the largest infrastructure investment in Europe.
This new commitment to Hinkley Point C nuclear power station in Somerset follows months of negotiations with French energy group EDF, which will lead the project and fund the rest of the construction bill.
Phil Smith, Managing Director of Business West commenting on the announcement, said:
“Ever since Chinese President Xi Jinping set foot in Britain, businesses have been on the edge of their seat expecting a commitment to Hinkley Point C. Today, our Chinese partners delivered, investing billions of pounds in the South West which will turn into 25,000 jobs during the lifespan of the project.
“The South West is set to become a nuclear hub and this landmark deal will kick-start a flurry of activity in this sector which is set to be worth £50 billion to our region over the next two decades. Firms in the South West are already planning to grasp these opportunities after we launched our Nuclear South West Initiative last month, and this announcement will be met by a rousing applause from the business community.
“Whilst the final investment decision has not been officially made, this announcement brings this game changing piece of infrastructure a step closer to reality. The hailed ‘golden generation’ for British-Chinese relations has just delivered a gem for the South West.”
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