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No end to nuclear costs for UK taxpayers

Varrie Blowers unpacks the impacts of the Nuclear Industry (Financing) Act
2022 in BANNG’s Regional Life column for June 2022.

Heard the fantasy about constructing an airport in the Thames estuary? And the one about
constructing a bridge from Scotland to Northern Ireland?

Well, there is a new fantasy going the rounds: that eight new nuclear power stations will be
constructed in the UK in the next decade. And where is the Government proposing to obtain the huge sums required for construction? From your pocket, of course! Under the Nuclear Industry (Financing) Act, 2022, it is intended that in order to attract investors a levy will be added to consumers’ energy bills to pay the upfront costs. Energy Minister, Kwasi Kwarteng, thinks this will be ‘a small amount’ but at this time of
soaring energy bills seems unable to reveal the actual figure. And, on top of this, taxpayers will be paying £1.7bn to enable a large-scale nuclear
plant to achieve a final investment decision in this Parliament.

BANNG 13th June 2022

July 13, 2022 - Posted by | business and costs, politics, UK

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