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Hinkley Point: UK approves nuclear plant deal Hinkley Point: UK approves nuclear plant deal
(35 minutes later)
The government has given the go ahead for plans to build the first new nuclear plant in Britain for 20 years. The government has given the go ahead for a new £18bn nuclear power station in the UK after imposing "significant new safeguards" for future projects.
The French and Chinese governments have been told that the £18bn Hinkley Point project will go ahead, but with conditions. The new plant at Hinkley Point in Somerset is being financed by the French and the Chinese.
The decision was postponed by the government in July.. In exchange, China wanted to use its design for new UK nuclear stations.
France's EDF had agreed to pay for two-thirds of the project, with China paying one-third as well as using its designs for additional power stations. However, the government said it would now "impose a new legal framework for future foreign investment in Britain's critical infrastructure".
Reactor design Live reaction to Hinkley Point decision
Critics of the deal have warned of escalating costs and the implications of nuclear power plants being built in the UK by foreign governments. China General Nuclear Power Group, the state-controlled company, sees its investment in Hinkley Point as part of a three-plant deal. Critics of the deal have warned of escalating costs and the implications of nuclear power plants being built in the UK by foreign governments. France's EDF is funding two-thirds of the project, with China investing the remaining £6bn.
The Chinese agreed to take a stake in Hinkley and at Sizewell on the understanding that the UK government would approve a Chinese led and designed project at Bradwell. The Chinese agreed to take a stake in Hinkley and at Sizewell in Suffolk on the understanding that the UK government would approve a Chinese-led and designed project at Bradwell in Essex, which has raised questions over national security.
BBC Business Editor Simon Jack said there were two key issues. One is the price guarantee of £92.50 per megawatt hour of electricity generated, which he said he did not believe was "up for grabs". In a statement, the government said: "After Hinkley, the British Government will take a special share in all future nuclear new build projects. This will ensure that significant stakes cannot be sold without the Government's knowledge or consent."
"The bigger prize is they want to use their own nuclear reactor design at Bradwell which would give it a British kitemark," he said. It would mean that the Chinese could then sell its designs in other countries. It added: "There will be reforms to the government's approach to the ownership and control of critical infrastructure to ensure that the full implications of foreign ownership are scrutinised for the purposes of national security."
The Bradwell part of the deal has raised questions over national security, and it is thought that the conditions attached to the Hinkley approval may include greater oversight and scrutiny of China's involvement. Energy Secretary Greg Clark, said: "Having thoroughly reviewed the proposal for Hinkley Point C, we will introduce a series of measures to enhance security and will ensure Hinkley cannot change hands without the government's agreement.
Justin Bowden, national officer of the GMB union, said: "The GMB has always had reservations about linking Bradwell and Sizewell with the contract for Hinkley. "Consequently, we have decided to proceed with the first new nuclear power station for a generation."
"The government should never have allowed the country to be held over a Chinese barrel."
The decision on investment was approved by EDF's board in July, and was agreed in principle with China during the state visit by President Xi Jinping to the UK in October 2015.The decision on investment was approved by EDF's board in July, and was agreed in principle with China during the state visit by President Xi Jinping to the UK in October 2015.
During her recent visit to the G20 summit in China, Prime Minister Theresa May defended the delay, insisting it was down to "the way I operate" because she wanted a fresh look at the evidence.