EDF investment hailed as ‘vote of confidence in UK', despite reduced stake
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
North Wales Chronicle
26 minutes ago
- North Wales Chronicle
Starmer and Macron to meet at No 10 amid push for French help on small boats
The French president arrived on Tuesday for the first state visit by an EU head of state since Brexit. It comes as the UK has been pressing for tougher action from the French authorities on the beaches along the Channel coast. The Prime Minister hopes to strike a 'one in, one out' deal to send small boat migrants back to the continent, in exchange for the UK accepting asylum seekers in Europe who have a British link. Alongside Downing Street talks, Sir Keir and Mr Macron are also expected to attend a reception with UK and French businesses and an event at the British Museum on Wednesday. Their spouses, Brigitte Macron and Lady Victoria Starmer, will have tea and a tour of Downing Street together, followed by all four having lunch. While they are being hosted by the King at Windsor, the Macrons will lay flowers on the tomb of Queen Elizabeth II and see Fabuleu de Maucour, a horse the French president gave Elizabeth in 2022 to mark her Platinum Jubilee. In a speech to MPs and peers on Tuesday, Mr Macron promised to deliver on measures to cut the number of migrants crossing the English Channel, describing the issue as a 'burden' to both countries. He said France and the UK have a 'shared responsibility to address irregular migration with humanity, solidarity and fairness'. Decisions at a Franco-British summit on Thursday will respond to 'our aims for co-operation and tangible results on these major issues', Mr Macron added. The French denied a Telegraph report that Mr Macron blames the UK for the crisis. A senior Elysee source said: 'The French president looks forward to working with the Prime Minister constructively on this shared priority.' Last week, the total number of people crossing the Channel in small boats this year passed 20,000. The total now stands at more than 21,000, a record for this point in the year. Sir Keir and the French president are also expected to co-host a meeting of the 'coalition of the willing', the peacekeeping mission proposed to be deployed to Ukraine in the event of a ceasefire with Russia.
The Independent
an hour ago
- The Independent
Starmer and Macron to meet at No 10 amid push for French help on small boats
Sir Keir Starmer and Emmanuel Macron will hold talks at No 10 as the UK pushes for France to do more to stop migrant crossings. The French president arrived on Tuesday for the first state visit by an EU head of state since Brexit. It comes as the UK has been pressing for tougher action from the French authorities on the beaches along the Channel coast. The Prime Minister hopes to strike a 'one in, one out' deal to send small boat migrants back to the continent, in exchange for the UK accepting asylum seekers in Europe who have a British link. Alongside Downing Street talks, Sir Keir and Mr Macron are also expected to attend a reception with UK and French businesses and an event at the British Museum on Wednesday. Their spouses, Brigitte Macron and Lady Victoria Starmer, will have tea and a tour of Downing Street together, followed by all four having lunch. While they are being hosted by the King at Windsor, the Macrons will lay flowers on the tomb of Queen Elizabeth II and see Fabuleu de Maucour, a horse the French president gave Elizabeth in 2022 to mark her Platinum Jubilee. In a speech to MPs and peers on Tuesday, Mr Macron promised to deliver on measures to cut the number of migrants crossing the English Channel, describing the issue as a 'burden' to both countries. He said France and the UK have a 'shared responsibility to address irregular migration with humanity, solidarity and fairness'. Decisions at a Franco-British summit on Thursday will respond to 'our aims for co-operation and tangible results on these major issues', Mr Macron added. The French denied a Telegraph report that Mr Macron blames the UK for the crisis. A senior Elysee source said: 'The French president looks forward to working with the Prime Minister constructively on this shared priority.' Last week, the total number of people crossing the Channel in small boats this year passed 20,000. The total now stands at more than 21,000, a record for this point in the year. Sir Keir and the French president are also expected to co-host a meeting of the 'coalition of the willing', the peacekeeping mission proposed to be deployed to Ukraine in the event of a ceasefire with Russia.
South Wales Argus
an hour ago
- South Wales Argus
‘Unclear' how Labour's pledge to recruit 6,500 teachers will address shortages
The Public Accounts Committee (PAC) said the Government 'lacks a coherent plan', suitable targets and sufficient evidence of what works to improve teacher recruitment and retention. The Department for Education (DfE) should look at changes to contractual and working conditions – such as flexible working, according to the report from the cross-party group of MPs. It added that the DfE should assess pay against other recruitment and retention initiatives to make a decision on whether it needs to do more to ensure teachers are paid the right amount. During the election campaign, Labour pledged to recruit an additional 6,500 new teachers over the course of its five-year parliamentary term. But the report said it is 'unclear' how meeting this pledge will ensure there are enough teachers in the right areas. The PAC said: 'It is worrying the Department does not have a clear baseline or milestones against which to measure progress and be held accountable over the coming years.' The DfE gave 'no clear explanation' of how the pledge was calculated or how it will fill gaps, with an estimated need of up to 12,400 more teachers in colleges alone by 2028/29, it added. The report said workload is cited as the top reason for teachers leaving their jobs, and pupil behaviour is 'an escalating challenge' which school staff face. The MPs have called on the DfE to collect data on the effectiveness of its behaviour hubs, and to roll them out further if they prove to be successful. The PAC report found that teacher vacancies and the challenges of retaining experienced teachers are 'greater for schools in deprived areas'. Around a third (34%) of teachers in the most disadvantaged schools had less than five years of experience, compared to 20% in the least disadvantaged schools, it highlighted. These schools also suffer teacher shortages in specialist subjects, such as in computing, and the report warned that disadvantaged students are 'at risk of being locked out of particular careers' due to a lack of trained teachers. Liberal Democrat MP Sarah Olney, a member of the PAC, said: 'The shortfalls laid out in our report show how urgent it is that DfE lay out the detail behind its pledge for 6,500 more teachers. 'The Committee is calling for the Government to take a serious look at working conditions, flexible arrangements and increased pay for teachers. 'It is important to stress that this Committee's role is not to make recommendations on policy – our report makes clear that Government should be exploring conditions and pay as value for money measures alongside the other recruitment and retention initiatives it is carrying out.' In May, the Government announced a 4% pay increase for school teachers and school leaders in England from September. Education Secretary Bridget Phillipson said schools would receive an additional £615 million of funding this financial year to help with the costs, but schools would have to find around 1% of the pay awards themselves. Pepe Di'Iasio, general secretary of the Association of School and College Leaders (ASCL), said: 'We share the concerns about the lack of clarity over the government's pledge to deliver 6,500 new teachers. 'This does not seem anything like enough to address future need and we would urge ministers to address actual teacher shortages rather than fixate on a figure which is largely meaningless.' He added: 'The impact of national teacher shortages is often most damaging in schools and colleges serving disadvantaged communities where recruitment and retention can be particularly hard. 'This is exactly where we most need a ready supply of teachers and leaders and the fact this is difficult to secure is a major obstacle in narrowing attainment gaps. 'The rising number of teachers leaving the profession because of pupil behaviour is also a major cause of concern. 'We hear from school and college leaders on a regular basis over just how challenging this issue has become in recent years. 'Behaviour policies are robust but there must be wider action to provide schools and colleges with specialist support and investment to address the variety as well as the complexity of needs that children and young people are exhibiting.' Jack Worth, school workforce lead at the National Foundation for Educational Research (NFER), said: 'It is critical that the Government takes action now and delivers a comprehensive plan to tackle the issues that are impacting recruitment and retention or it will miss its 6,500 teacher recruitment pledge. 'Schools are anxious to see the details of the Government's plan for supporting teacher supply.' Shadow education secretary Laura Trott said Labour's manifesto pledge to hire more teachers had descended into 'chaos'. She said: 'They promised that taxing education would pay for new staff, yet that money is now being diverted to house illegal immigrants. Their first milestone for school readiness was hiring 6,500 new teachers, but instead there are 400 fewer. 'Under Labour, teacher numbers are falling. This Government is defined by U-turns and broken promises. Parents, teachers, and children deserve better.' A Department for Education spokesperson said: 'This Government is already delivering on our pledge to recruit and retain 6,500 more talented teachers with 2,300 more secondary and special schoolteachers in classrooms this year, as well as 1,300 fewer teachers leaving the profession – one of the lowest leave rates since 2010. 'Since day one, the Education Secretary has worked to reset the relationship with the education sector, announcing pay awards of almost 10% over two years and committed to tackle high workload and poor wellbeing including encouraging schools to offer more flexible working opportunities. 'We are committed to working with teachers as partners in the push for better, driving high and rising standards through our Plan for Change to enable every child to achieve and thrive.'
