EDF investment hailed as ‘vote of confidence in UK', despite reduced stake
The French state-owned electricity company said it had agreed in principle to invest £1.1 billion in the power plant on the Suffolk coastline.
Sir Keir Starmer said the 12.5% stake by the French government-owned company takes the project 'a step closer to the benefits it will bring to the British people', though it is down from EDF's previously stated ownership stake of 16.2%.
The Government pointed to EDF's annual results for 2024, which stated that upon a final investment decision the company expected to take a share of ownership between 10% and 20% of Sizewell C.
EDF is the first shareholder to announce its final stake in the project, which comes alongside a £14.2 billion investment from the UK Government announced at the Spending Review in June.
It comes as French President Emmanuel Macron begins his state visit to the UK on Tuesday, where he is being given a ceremonial welcome by the King and will discuss shared political matters with the Prime Minister.
Other private investors could include British Gas's owner Centrica, and Canadian investment firm the Brookfield Corporation, the Financial Times (FT) newspaper reported.
The FT also reported EDF has reduced its stake as the French state has tasked it with focusing on building new nuclear projects in France and maintaining the country's existing nuclear plants.
Further investors will be officially announced at the point the final decision, expected later in the summer.
Welcoming EDF's announcement, Sir Keir said: 'I've been clear there will be no more dithering and delay on Sizewell C – and this investment takes us a step closer to the benefits it will bring to the British people.
'Lower energy bills, thousands more jobs and apprenticeships, and better energy security – this is not only a vote of confidence in the UK as an investment destination, it is our Plan for Change in action.'
The power station is expected to support some 10,000 jobs at peak construction, as well as thousands more in the supply chain and will create 1,500 apprenticeships, the Government said.
Energy Secretary Ed Miliband said: 'Thousands of jobs and clean power for millions of homes are one step closer today as we welcome this investment into Sizewell C, delivering a golden age of new nuclear to protect family finances and boost energy security.
'This agreement is a landmark moment in the UK and France's long-standing partnership in civil nuclear, and a testament to our countries' strong relationship.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
36 minutes ago
- Yahoo
Canada to 'align' with U.S. airport screening rules as TSA drops shoes-off policy
OTTAWA — Ottawa says it will work to align its flight security regulations with those in the U.S. after Washington dropped a rule that required passengers to remove their shoes during security screenings. U.S. Homeland Security Secretary Kristi Noem announced Tuesday that passengers at American airports no longer need to remove their shoes because officials have found other ways to keep travellers safe. Canada does not require passengers flying domestically or to non-U.S. destinations to take off their shoes for screening, unless a security officer decides it's necessary. But those flying to the U.S. through the pre-clearance sections of Canadian airports have been required to remove their shoes. The U.S. Transportation Security Administration introduced the no-shoes rule roughly five years after Richard Reid, who became infamous as the "shoe bomber," tried to trigger explosives hidden in his shoes on a Paris to Miami flight in 2001. Transport Canada says in a statement it "will work with the Transportation Security Administration to ensure requirements are aligned." This report by The Canadian Press was first published July 9, 2025. Dylan Robertson, The Canadian Press
Yahoo
37 minutes ago
- Yahoo
Kemi Badenoch to call for tougher restrictions on benefits to cut welfare bill
Kemi Badenoch is to call for health benefits to be restricted to people with the most serious conditions as she sets out her plans for welfare. In a speech on Thursday, the Tory leader will warn of a 'ticking time bomb' of welfare dependency, as Government forecasts suggest annual spending on health and disability benefits could reach £70 billion by 2030. Other projections suggest the figure could go as high as £100 billion, while the Office for Budget Responsibility has warned that failing to cut the rate at which people take up benefits could cost an extra £12 billion. Calling for tougher action on benefits, Mrs Badenoch will say: 'We should be backing the makers – rewarding the people getting up every morning, working hard to build our country. 'Our welfare system should look after the most vulnerable in society – not those cheating the system.' As well as restricting benefits to 'more serious conditions', Mrs Badenoch is expected to reiterate her policy of preventing foreign nationals claiming welfare. She will say: 'It is not fair to spend £1 billion a month on benefits for foreign nationals and on handing out taxpayer-funded cars for conditions like constipation.' The £1 billion figure refers to benefits paid to households that include at least one foreign national, but may also cover payments to British citizens. The taxpayer-backed Motability scheme provides vehicles to people who receive the 'enhanced' mobility element of personal independence payment, covering those with serious mobility problems, and usually involves exchanging all the allowance and providing an additional upfront payment in exchange for a lease on a vehicle. She will also call for an end to remote assessments of benefit claimants, arguing that this had allowed people to 'game the system', and pledge to 'get people back to work' through retraining and 'early intervention'. Mrs Badenoch's speech comes a week after Sir Keir Starmer U-turned on proposals to cut the benefits bill by £5 billion in the face of discontent among his backbenchers. After the U-turn, economists have warned that the Government's proposals will now deliver zero savings by 2030. In her speech, Mrs Badenoch will attack the Labour Government as being 'beholden to left-wing MPs' and 'completely unprepared for government'. And she will also take aim at Reform UK, accusing both Nigel Farage's party and Labour of 'turning a blind eye' to the impact of the rising welfare bill. Mr Farage has vowed to scrap the two-child benefit cap if Reform UK comes to power, something the Conservatives have criticised as unaffordable. Mrs Badenoch will say: 'Nigel Farage pretends to be a Thatcherite Conservative but really, he's just Jeremy Corbyn with a pint and a cigarette. 'On welfare he shows his true colours – promising unaffordable giveaways with no plan to fix the system.' A Labour Party spokesperson said: 'The Conservatives had 14 years to reform welfare. Instead, they left the country with a broken system that holds people back and fails to support the most vulnerable. Kemi Badenoch's Tory Party should be apologising for the state they left the system in. 'Labour is committed to reforming the broken welfare system through our Plan for Change by investing £3.8 billion in supporting sick and disabled people back to work, introducing our new Youth Guarantee giving all 18 to 21-year-olds the chance to be learning or earning, and creating more good jobs in every part of the country.'
Yahoo
43 minutes ago
- Yahoo
Ex-Tory chairman Sir Jake Berry defects to Reform
Former Tory chairman Sir Jake Berry has defected to Reform, in the latest blow to the Conservatives. The former MP for Rossendale and Darwen, who served as Northern Powerhouse minister under Boris Johnson, said he had defected to Nigel Farage's party because the Tories had "lost their way".Reform UK confirmed the defection to Sky News, which was first broken by The Sun. Speaking to The Sun, Sir Jake said Mr Farage's party was "last chance to pull Britain back from terminal decline". "Our streets are completely lawless," he said. "Migration is out of control. Taxes are going through the roof. "And day after day, I hear from people in my community and beyond who say the same thing: 'This isn't the Britain I grew up in'." Sir Jake accused his former party of "abandoning the British people" but said he was not "giving up". "I'm staying. And I'm fighting. "Fighting for the Britain I want my kids, and one day, my grandkids, to grow up in." Mr Farage welcomed what he said was "a very brave decision" by Sir Jake. "His admission that the Conservative government he was part of broke the country is unprecedented and principled," he added. Sir Jake's defection to Reform comes just days after former Conservative cabinet minister David Jones joined Reform UK, which continues to lead in the polls. Mr Jones, who was MP for Clwyd West from 2005 until standing down in 2024, said he had quit the Tories after "more than 50 years of continuous membership". Sir Jake was the MP Rossendale and Darwen in Lancashire between 2010 and 2024, when he was defeated by Labour's Andy MacNae. He held several ministerial posts including in the Department for Housing, Communities and Local Government, Energy and Climate Change and the Cabinet Office. He was also chairman of the Conservative Party from September to October 2022, under Liz Truss. Announcing his defection - which comes a year after the Tories suffered their worst ever election defeat - Sir Jake said "Britain was broken" and "the Conservative governments I was part of share the blame". "We now have a tax system that punishes hard work and ambition.," he said. "Just this week, we saw record numbers of our brightest and best people leaving Britain because they can't see a future here. At the same time, our benefits system is pulling in the world's poor with no plan for integration and no control over who comes in. "If you were deliberately trying to wreck the country, you'd be hard-pressed to do a better job than the last two decades of Labour and Tory rule. Read more: "Millions of people, just like me, want a country they can be proud of again. The only way we get that is with Reform in government. That's why I've resigned from the Conservative Party. I'm now backing Reform UK and working to make them the next party of government. He added: "And with Nigel Farage leading Reform, we've got someone the country can actually trust. He doesn't change his views to fit the mood of the day. And people respect that. So do I. That's why I believe he should be our next prime minister." A Labour Party spokesperson said: "Not content with taking advice from Liz Truss, Nigel Farage has now tempted her Tory Party chairman into his ranks. "It's clear Farage wants Liz Truss's reckless economics, which crashed our economy and sent mortgages spiralling, to be Reform's blueprint for Britain. It's a recipe for disaster and working people would be left paying the price."
