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You can find the current article at its original source at http://www.theguardian.com/commentisfree/live/2015/oct/20/china-and-the-uks-industry-ask-aditya-chakrabortty-anything
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| China and UK industry: ask Aditya Chakrabortty anything - live chat | China and UK industry: ask Aditya Chakrabortty anything - live chat |
| (35 minutes later) | |
| 1.19pm BST13:19 | |
| robedinburgh asks: | |
| Do we have an idea of how much cheaper it would be for the government to build and directly operate Hinkley point c given low borrowing rates? | |
| An IPPR report on just this subject is here! http://www.ippr.org/publications/when-the-levy-breaks-energy-bills-green-levies-and-a-fairer-low-carbon-transition This bit is worth reading: "Original modelling by Frontier Economics for IPPR suggests that public ownership during the construction phase, followed by selling the completed asset to the private sector, could lower the cost of capital by a 0.2–0.4 per cent, which would save consumers £1.2–1.8 billion (in 2012 prices) between 2015 and 2035. If public ownership were to continue through the operational phase, but a private company was contracted to run each individual plant, costs could be loweredby a further 0.8–1.2 per cent through to 2035, producing additional savingsfor the consumer of £2.5–3.7 billion over this period. Since this is money that would otherwise be taken from households and businesses through their energy bills, this amounts to projected savings of £35–57 per household over the next 20 years (in 2012 prices)." | |
| 1.14pm BST13:14 | |
| “The British nuclear industry is now really just a decommissioning industry” | |
| SadEye asks about the long-term implications of the China nuclear deal. | |
| Who’s going to take care of the clean up once it’s old technology. I won’t [Osborne] and it won’t be the Chinese. Hold on, I’ve got it. It’ll be the good old tax payer. | |
| Good point. The British nuclear industry is now really just a decommissioning industry. | |
| Updated at 1.17pm BST | |
| 1.11pm BST13:11 | |
| “The McDonnell U-turn may have been unedifying but at least Labour are in a more sensible position” | |
| TheOutsider79 asks: | |
| Labour’s idea of a national bank to fund infrastructure projects - if it was set up - would it be possible to fund projects like the nuclear plant the Chinese are investing in? and if so, would that money we spend on the projects be added to our GDP and not theirs? In your opinion what would’ve been the best way to finance projects like nuclear plants, HS2, new housing stock etc? | |
| Thank you for reading and for writing in. I can think of two things that would help fund infrastructure: | |
| 1) More public borrowing. The McDonnell U-turn may have been unedifying but at least Labour are in a more sensible position. 2) chanelling more of our pension funds and savings into public assets. If pension- fund managers are after a safe single-digit return, why shouldn't they get them from investing in social housing rather than shares/bonds alone? | |
| Updated at 1.11pm BST | |
| 1.06pm BST13:06 | |
| The webchat is underway | |
| We did say you could ask Aditya anything (AAA?), so let’s get the biscuits question out of the way before heading on to the weightier topics. | |
| What's your favourite biscuit? | |
| Chakrarichteas, obviously. | |
| Chakra-poor-teas, more like. | |
| Updated at 1.07pm BST | |
| 1.04pm BST13:04 | |
| Aditya Chakrabortty | |
| Good afternoon. Aditya has arrived at Guardian Towers, and will be answering questions imminently. Get your questions to him by posting in the comments section below. | |
| 12.00pm BST12:00 | 12.00pm BST12:00 |
| Aditya Chakrabortty | Aditya Chakrabortty |
| Good afternoon! Aditya will be online at 1pm (BST). As a senior economics commentator, Aditya Chakrabortty has written about some of the pressing questions of our age, from the democratic implications of ongoing austerity, to the housing crisis and the widening gap between rich and poor. His latest column addresses the implications of George Osborne’s nuclear and infrastructure deals with China and France: | Good afternoon! Aditya will be online at 1pm (BST). As a senior economics commentator, Aditya Chakrabortty has written about some of the pressing questions of our age, from the democratic implications of ongoing austerity, to the housing crisis and the widening gap between rich and poor. His latest column addresses the implications of George Osborne’s nuclear and infrastructure deals with China and France: |
| At some point during this week’s visit of president Xi Jinping – perhaps sandwiched between lunch at the palace and a trip to Chequers – Osborne shall confirm that nuclear plants will be built at Hinkley in Somerset and Sizewell in Suffolk, by the energy giant EDF, nearly 85% owned by the French government, and China. What’s more, Beijing will get a shot at designing and building its own nuclear facility at Bradwell in Essex. | At some point during this week’s visit of president Xi Jinping – perhaps sandwiched between lunch at the palace and a trip to Chequers – Osborne shall confirm that nuclear plants will be built at Hinkley in Somerset and Sizewell in Suffolk, by the energy giant EDF, nearly 85% owned by the French government, and China. What’s more, Beijing will get a shot at designing and building its own nuclear facility at Bradwell in Essex. |
| Britain has made ‘visionary’ choice to become China’s best friend, says Xi Read more | Britain has made ‘visionary’ choice to become China’s best friend, says Xi Read more |
| Even as that announcement is made with all the fanfare available to the British state, the promises of privatisation will be revealed as lies. What were voters guaranteed by Margaret Thatcher and John Major, as they flogged off electricity and the rest of our publicly-owned utilities? More competition, lower bills and greater investment: all the plump fruit of a more dynamic capitalism. | Even as that announcement is made with all the fanfare available to the British state, the promises of privatisation will be revealed as lies. What were voters guaranteed by Margaret Thatcher and John Major, as they flogged off electricity and the rest of our publicly-owned utilities? More competition, lower bills and greater investment: all the plump fruit of a more dynamic capitalism. |
| A generation later and their children, David Cameron and Osborne, are handing Britain’s nuclear future back to the public sector – of two foreign countries – and paying handsomely for the privilege. | A generation later and their children, David Cameron and Osborne, are handing Britain’s nuclear future back to the public sector – of two foreign countries – and paying handsomely for the privilege. |
| Any questions for Aditya about Osborne’s plans, or any of the other topics he has written about? Post them below the line, and we’ll pull the best of your questions (and his answers) above the line. | Any questions for Aditya about Osborne’s plans, or any of the other topics he has written about? Post them below the line, and we’ll pull the best of your questions (and his answers) above the line. |
| Related: Osborne is all for renationalisation – so long as the nation isn’t Britain | Aditya Chakrabortty | Related: Osborne is all for renationalisation – so long as the nation isn’t Britain | Aditya Chakrabortty |
| Updated at 1.16pm BST |