Member

If the Government are to invest in nuclear energy, using GB Energy as their investment body, they must look to improve the global competitiveness of the UK nuclear industry and seek to crowd-in private investment. High start-up costs of nuclear projects and the potential for cost overruns have long been a daunting obstacle to the private financing of nuclear power plants. Considering this, the Government must look to create a market which is attractive to private investors if they are to achieve their goal of decarbonisation. I look to the Minister to confirm how the Government propose to support and attract this private investment. What consideration have they given to the competitiveness of the UK nuclear sector compared to that in the US, for example, or in France, as my noble friend highlighted? Have the Government carefully considered the many ways by which they can finance nuclear projects? Finally, will the Minister confirm or deny whether GB Energy will be involved in supporting the nuclear industry by way of loans, guarantees or any other financial support?