A new US-UK nuclear agreement is being hailed as the start of a “golden age of nuclear” with fresh investment and thousands of jobs promised for Teesside.
Ahead of Donald Trump’s state visit this week, Keir Starmer said the deal with Washington would accelerate the building of nuclear power stations in both countries. The government is pushing to generate more clean, homegrown energy to shield Britain from shocks like the surge in bills that followed Russia’s invasion of Ukraine.
The agreement, due to be signed this week, will cut the time it takes to approve nuclear projects. Instead of the current three or four years, companies will be able to secure a licence in just two, reported the Mirror.
Among the deals expected to be announced is a plan by X-Energy and Centrica to build up to 12 advanced modular reactors in Hartlepool. The companies say the project could supply energy to as many as 1.5 million homes and create up to 2,500 jobs in the North East.
The Prime Minister said the commitments marked a turning point. “These major commitments set us well on course to a golden age of nuclear that will drive down household bills in the long run, while delivering thousands of good jobs in the short term,” he said. “Together with the US, we’re building a golden age of nuclear that puts both countries at the forefront of global innovation and investment.”
It also emerged that Rachel Reeves is preparing measures in the Budget aimed at cutting energy bills to help families struggling with the cost of living. She told Cabinet that “all options were on the table,” which the Sunday Times reported could include scrapping the 5 per cent VAT on domestic energy. That move would save the average household around £86 a year, though it would cost the Treasury an estimated £1.75 billion annually.
A Treasury source played down the chance of a VAT cut but confirmed ministers are working on other ways to bring down bills. The Budget, set for 26 November, is expected to be a critical moment for the government, with Reeves facing pressure to fill a hole in the public finances created by U-turns on welfare and winter fuel support alongside rising borrowing costs.
In a separate announcement, the Ministry of Defence said the UK’s largest drone production plant will open in Swindon next year, creating 1,000 highly skilled jobs.
