Boost for the South West as Hinkley Point C Edges Closer

Chancellor George Osborne has announced today that the UK government will guarantee a £2billion deal to help fund the construction of Hinkley Point C nuclear power station.

While on a five day tour of China, the Chancellor said the deal would pave the way for a final investment decision by French energy company EDF and enable greater collaboration between Britain and China on the construction of nuclear plants.

The new £24.5 billion plant is expected to produce enough energy to supply seven per cent of the country’s needs, powering around six million homes and creating more than 25,000 jobs.

Commenting on the additional support for Hinkley Point C, Phil Smith, Managing Director of Business West, said:

“Today’s news is the boost we needed after hearing that the investment decision has been pushed back and construction has been delayed. With Hinckley Point C expected to produce enough energy to supply seven per cent of the country’s needs and create over 25,000 jobs, the numbers speak for themselves. A £2 billion commitment from government to help fund the construction of a key piece of the energy puzzle is a step in the right direction which will be welcomed by South West businesses.

“This announcement is perfectly timed as it comes on the eve of the launch of our Nuclear South West initiative with Davies Nuclear Associates. This initiative will help organisations in the region benefit from the enormous opportunities that Hinckley Point C and other projects will bring. Today’s news shows the government’s renewed commitment to nuclear energy, and we now need to see local firms reap the benefits.”

For further information on how to get involved in Nuclear South West please contact Jessica Vallentine in the Policy Team on jessica.vallentine@businesswest.co.uk or 07733 364 401