logo
Next generation of nuclear deterrent submarines ‘a commitment to defence'

Next generation of nuclear deterrent submarines ‘a commitment to defence'

Yahoo20-03-2025
The birth of Britain's next generation of nuclear deterrent submarines is a renewal of a historic national endeavour and a commitment to defence for decades to come, said Sir Keir Starmer.
The Prime Minister attended a keel-laying ceremony in Barrow-in-Furness, Cumbria, for the first of the Dreadnought class of submarines, a fleet of four vessels which will begin to enter service for the Royal Navy in the early 2030s.
Two crew members of the original HMS Dreadnought, the UK's first nuclear power submarine, launched in 1960, joined dignitaries and shipyard workers at Thursday's event at the town's BAE Systems.
Sir Keir hailed Barrow as a 'blueprint' for the way increasing defence spending can boost prosperity across the UK.
In February, he said the Government will increase defence spending to 2.5% of the UK's economic output by 2027, something which ministers think will help drive economic growth and create jobs across the UK.
Just days ago, Sir Keir secretly joined a crew of submariners as they returned home to their families for the first time in months, making him the first prime minister to join a so-called 'day zero' since 2013.
He told the audience: 'This is where the story begins. The submarine I was on was built right here.
'Those sailors depend on the best, the best engineering, the best design, the best assembling. That means you.
'Our story depends on you, everyone here working in the shipyard. Nothing works unless we all work together.
'Today does not just mark the birth of this vessel. it marks nothing less than the renewal of a historic national endeavour. A commitment to our defence for decades to come.'
Defence Secretary John Healey, who laid the keel as he unveiled a plaque to mark the occasion, said: ' We are ensuring the nation's war-fighting excellence for years to come.
'This submarine is one of the most complex machines ever built anywhere in the world. It will be the most formidable, the most advanced, the most powerful nuclear submarine ever built.'
Sir Keir announced that Barrow will be known by the title of the Royal Port of Barrow, in recognition of its important position in the nation's defence.
The King hopes to visit the town in the near future to mark the new title.
Earlier on Thursday, Sir Keir and Mr Healey met local primary schoolchildren who visited BAE Systems to watch a display of 'roving robots'.
They also spoke to some of the apprentices at the firm, whose workforce has grown by more than 1,000 in the past six months.
First-year apprentice Natasha, 23, told him how she was fed up working in hospitality and wanted a trade.
She said: 'I want to help the community in a better way, like building something and not just sat in an office.
'Not many people can say they have built a submarine.'
Dreadnought submarines will be the largest ever operated by the Royal Navy, at 153.6 metres long, about the length of three Olympic swimming pools.
As part of the Government's nuclear skill plan initiative, the submarine workforce at Barrow has grown by more than 3,000 since 2023 to 14,700.
The overall Dreadnought programme is expected to support in the region of 30,000 jobs across the UK over its lifetime.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

China Plans Nationwide Subsidies to Boost Birthrate, Growth
China Plans Nationwide Subsidies to Boost Birthrate, Growth

Bloomberg

time2 hours ago

  • Bloomberg

China Plans Nationwide Subsidies to Boost Birthrate, Growth

China is planning to offer cash handouts to families as an incentive for couples to have children, according to people familiar with the matter, as years of population decline threatens the world's No. 2 economy. The government is set to provide 3,600 yuan ($503) a year for each child, born on or after Jan. 1 this year, until they turn three under a nationwide initiative, said the people, asking not to be identified as the details are not public.

Tears of the UK's treasury chief spooked financial markets
Tears of the UK's treasury chief spooked financial markets

Yahoo

time3 hours ago

  • Yahoo

Tears of the UK's treasury chief spooked financial markets

LONDON (AP) — The weekly session in which the British prime minister is questioned by lawmakers in Parliament can be an ordeal for the government leader. For Cabinet members, it's usually simply a matter of backing their boss. But on Wednesday the spotlight ended up on Chancellor of the Exchequer Rachel Reeves during the Prime Minister's Questions session because it became evident that she was crying as she sat beside Prime Minister Keir Starmer. It's not known what triggered the tears, later said to have been personal. They came as Starmer sought to fend off attacks that his year-old government was losing its authority and that he was about to fire Reeves to regain the initiative. Markets spooked Traders got spooked, with the interest rate charged on the U.K.'s 10-year benchmark bond in the markets up sharply, and the pound down. The moves were a sign investors had lost confidence in U.K. financial assets. Reeves had become associated with fiscal discipline, in particular a rule of covering day-to-day government spending with tax revenue, said Andrew Wishart, an economist at Berenberg Bank. 'The markets are concerned that if the Chancellor goes, such fiscal discipline would follow her out of the door," he added. With Starmer insisting Thursday that Reeves would remain in post, the markets calmed down. Prime minister's weekly ordeal Prime Minister's Questions, or PMQs, can come as close to a gladiatorial contest as is possible in a modern legislative chamber. Very little deference is given to the man or woman holding the highest office in the land. The prime minister is considered the first among equals. Like all other members of Parliament, the prime minister represents one of 650 constituencies. And nowhere is that shared connection more noticeable than at noon every Wednesday in the House of Commons. Starmer stands for half an hour every week to be quizzed by friends and foes. He may get soft balls, but there's always a potential zinger around the corner. The leader of the biggest opposition party, currently the Conservative Party's Kemi Badenoch, has the best chance to knock the prime minister off course. With six questions, she can lay traps and go for the jugular. Typically it's more theater than substance, and the weekly shouting match is consistently the most-watched parliamentary event, viewed around the world, including on C-Span in the United States. This week was fraught This week's session appeared to have more at stake than usual following a chaotic run-up to a welfare reform bill. With scores of Labour lawmakers opposed, Starmer was forced to scrap key planks of the bill — at a cost, politically and economically. For a prime minister, with one of the biggest majorities in history, it was a sign of weakness. Many Labour MPs blame Reeves, for her rigid adherence to her budget rules. As usual, Starmer was flanked to his left by Reeves, who didn't look her usual self, clearly bloated around the eyes. Badenoch showed little mercy, describing Reeves as 'absolutely miserable' and a 'human shield' for Starmer. She asked Starmer whether he could repeat a pledge that Reeves would stay in her post until the general election, which has to take place by the middle of 2029. While praising Reeves' handling of the economy, Starmer didn't give that assurance, and it was around this point that Reeves wiped away a tear. 'How awful for the Chancellor that he couldn't confirm that she would stay in place," Badenoch responded. The immediate political aftermath Starmer's Downing Street operation faced questions over Reeves' teary appearance. Could it have been hay fever? Had Starmer told Reeves she would be fired for the government's recent woes, which has seen Labour's approval ratings slide? Starmer's press spokesman said it was a 'personal matter,' insisted Reeves was 'going nowhere' and had the prime minister's 'full backing.' Later, Starmer told the BBC that Reeves would be Chancellor for a 'very long time' and that it was 'absolutely wrong' to suggest her distress was related to the welfare U-turn. A day on Images of Reeves' agitated state were emblazoned across newspapers and remained a key item on the news agenda. Starmer repeated on Thursday that Reeves would remain Chancellor 'for years to come" and sought to explain why he hadn't comforted Reeves during PMQs. 'In PMQs, it is bang, bang, bang," he said at an event where he and Reeves hugged. "That's what it was yesterday and therefore I was probably the last to appreciate anything going on in the chamber.' Reeves appeared more like her usual self. 'People saw I was upset, but that was yesterday," she told Sky News. 'I guess the thing that is different from my job and many of your viewers is that when I'm having a tough day, it's on the telly.' Pan Pylas, The Associated Press Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data

Why Doesn't the U.S. Have a Bitcoin Reserve, Yet?
Why Doesn't the U.S. Have a Bitcoin Reserve, Yet?

Yahoo

time3 hours ago

  • Yahoo

Why Doesn't the U.S. Have a Bitcoin Reserve, Yet?

President Donald Trump sent a rush of excitement through the crypto industry when he ordered his administration to get to work on setting aside cryptocurrencies as a long-term investment for the U.S. government. But there's been little to see from that effort, so far, and the officials behind the work seem to be suggesting the wait could be considerable. Trump's March directive to get started on the stockpile carried a now-expired deadline for the Treasury Department to figure out how to actually set up the reserves for the bitcoin and other crypto assets the government has at its disposal. By now, the administration is supposed to have a plan for the "accounts in which the Strategic Bitcoin Reserve and United States Digital Asset Stockpile should be located and the need for any legislation to operationalize any aspect of this order," according to the president's directive, which called for two separate heaps of crypto — one for bitcoin only and the other for all other digital assets. Such a plan hasn't yet been revealed by Trump's chief crypto advisers, including Bo Hines, who pointed out last week that "there's nothing in the [executive order] that mandates that report becomes public," Hines said of the document that was due in early May, though he added that the administration could "choose to make it public at some point." But Hines offered some update of the government-wide audit that aimed to figure out what assets the various federal agencies — including the U.S. Marshals Service — had gathered from civil and criminal seizures. "They have received the numbers from the different entities inside the government," he told reporters at an event on Capitol Hill, referring to Trump's requirement that federal agencies report their crypto holdings to the Treasury by early April. "Now the process begins in terms of establishing the reserve, the actual infrastructure behind it." The executive order from Trump had affixed another federal stamp of approval on cryptocurrency after years of resistance from the previous administration and its regulators that viewed the field as prone to risk and recklessness that could endanger investors. The price of BTC has risen 25% since he issued the order. 'President Trump's proclamations have laid a powerful foundation, but now it's time to move from vision to execution," said Hailey Miller, director of government relations at the Digital Chamber's Digital Power Network, in an email suggesting industry folks are standing by to help. "The momentum is real. What we need now is coordinated follow-through.' With the administration playing its cards close to the vest, the clearest view is on the legislators who are trying to get bills done to "operationalize" the order, as directed by Trump. Senator Cynthia Lummis has taken a lead in the Senate with her Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide (BITCOIN) Act aimed at "transforming the president's visionary executive action into enduring law." Turning the U.S. into an outsized bitcoin investor has been a project of the Wyoming Republican for a while now, and she thinks it's the answer to the nation's fiscal worries. But Lummis, who chairs a digital assets subcommittee in the Senate, and others in favor of the reserves understand that there are more urgent priorities in crypto legislation. Representative Nick Begich, an Alaska Republican pushing matching legislation in the House of Representatives, granted that the other crypto efforts to set up rules for the markets and stablecoins have to come first. "But I'm very hopeful that after those are completed, we can turn the focus toward the BITCOIN Act and start having a serious discussion about why it's important for the United States to have a diversified reserves balance sheet that includes bitcoin," he said at a recent event in Washington. Because the market structure and stablecoin bills are on uncertain timelines, despite Trump's earlier ambition to get both done before Congress' lengthy August break, it's unclear how soon the lawmakers will have a window to consider the reserves. Senator Tim Scott, the chairman of the Senate Banking Committee, put a new September 30 goal on his chamber's potential passage of the crypto market structure bill, but much depends on a House strategy for the two bills that hasn't yet emerged. Begich spoke of his House efforts as if he's still trying to get them off the ground, asking crypto insiders to help convince their members of Congress to co-sponsor the bill. Getting more sponsors "sends a signal to committee leadership that this is something that has the potential to pass into law," he said. "Having the support of the president is extremely important," Senator Lummis noted. "So I'm hoping we can convince more in Congress to understand the fundamentals of Bitcoin." While the president was clear that he doesn't want new taxpayer money spent to build crypto reserves, Trump's order called on the administration to find other ways to purchase digital assets. Hines said federal officials are already working on multiple ideas to rake in "digital gold." "We are certainly keen on the idea of accumulation," he said. "I think we'll begin moving very quickly on that." The government has routinely been estimated to have about 200,000 bitcoin on-hand, though no further public accounting has yet emerged. The BITCOIN Act pushed by both Lummis and Begich would seek to buy about 5% of the global bitcoin supply — a million coins — over a five-year period, "mirroring the size and scope of gold reserves held by the United States." To do so, it would try to unlock some novel funding approaches to avoid hitting taxpayers. "There are several mechanisms available for the acquisition of bitcoin," Begich said, including rewriting the rules of the Exchange Stabilization Fund to be able to acquire bitcoin and updating the modern market value of Federal Reserve gold certificates to leverage into bitcoin purchases. Begich maintained that the leading digital asset is not just a niche financial instrument but something the government needs to embrace as a mainstay. "We like to talk about bitcoin as though it's somehow separate from the rest of the economy," he said. "Bitcoin really is becoming an asset class that represents the economy." One of the conceptual challenges of this digital "strategic reserve" is that the underlying idea for a buy-and-hold government investment means this stockpile isn't actually meant to be a strategic reserve in the traditional sense. Other nationally reserved commodities, such as oil, can be released when the nation has a special need. That's not the plan for bitcoin in the minds of Trump and his lawmaker allies. But as enthusiastic as they are, state lawmakers have jumped ahead of their federal counterparts in setting up state-based reserves. Trump's order seemed to act as a starting gun for efforts across the country to devote public money to crypto investing. As the federal government continues its work, states such as Texas are already building their stockpiles.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store