Boris Johnson has greenlit funding for a new multibillion-pound nuclear power station, triggering concerns among some of Liz Truss’s allies that it could limit her economic vision. Whitehall sources confirmed the Prime Minister and Chancellor Nadhim Zahawi have given the go-ahead for financing for the construction of the Sizewell C nuclear reactor in Suffolk.
Private funding will be sought for the project estimated to cost £20-30 billion. The Government is then set to make a final decision on public investment early next year, with it expected to buy a 20% stake in the plant, costing up to £6 billion.
Business Secretary Kwasi Kwarteng, who is tipped to be Ms Truss’s chancellor if she wins the Tory leadership race, is said to be “massively” on board with the plan. But her camp did not appear to be united on the issue, with Chief Secretary to the Treasury Simon Clarke raising concerns with Mr Johnson and Mr Zahawi.
