Japan to consider buying back some super-long government bonds, sources say
TOKYO, June 9 (Reuters) - Japan's government is considering buying back some super-long bonds it issued at low interest rates, two sources with direct knowledge of the plan said on Monday.
The move would come on top of an expected government plan to trim issuance of super-long bonds in the wake of sharp rises in yields.
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Rhyl Journal
29 minutes ago
- Rhyl Journal
Key questions answered on Sizewell C after Reeves confirms nuclear investment
It comes ahead of the spending review on Wednesday, where Ms Reeves will outline departmental budgets for the next three years. Here we answer key questions about Sizewell C and the Government's wider nuclear power plans. – What is the Sizewell C nuclear plant? Sizewell C was first proposed 15 years ago on a site by the hamlet Sizewell, which sits on the Suffolk coast between Aldeburgh and Southwold. The area is already home to two separate power stations, the decommissioned Sizewell A nuclear plant and pressurised water reactor Sizewell B. Nuclear power plants use a process called nuclear fission, where atoms split, releasing heat which is then used to generate electricity. – How much funding has the Government announced? The Chancellor said £14.2 billion will be invested to build the Sizewell C plant, marking the end of a long journey to secure funding for the project since it was first earmarked in 2010. At the peak of construction, Sizewell C is expected to provide 10,000 jobs. The company behind the project has already signed £330 million worth of contracts with local businesses. Elsewhere, the Government confirmed one of Europe's first small modular reactor (SMR) programmes, backed by £2.5 billion in taxpayers' money over five years. Ministers announced Rolls-Royce as the winners of a long-running competition on Tuesday for the bid to build the SMR programme. – How could Sizewell C contribute to the UK's future energy system? Sizewell C will power the equivalent of six million homes and is planned to be operation in the 2030s, the Government said. It is also understood that the plant will generate electricity for 60 years. The Treasury said that, combined with the ambition to build SMRs, it would deliver more new nuclear energy to the grid than over the previous half century by the 2030s. It comes as nuclear plants are seen as increasingly important electricity sources as the Government tries to decarbonise Britain's grid by 2030, replacing fossil fuels with green power. The last time Britain completed one was in 1987, which was the Sizewell B plant. Hinkley Point C, in Somerset, is under construction and is expected to produce enough power for about six million homes when it opens, but that may not be until 2031. Sizewell C is part of the Government's wider ambitions to support clean power, such as wind and solar, and decarbonise the country's power grid to tackle the climate crisis and ensure future energy security. – What are small modular reactors? SMRs are a nuclear fission reactor that are a fraction of the size of a traditional nuclear plant. This means they can be built on smaller sites across the country, closer to where the electricity is needed. Still an emerging technology, only China and Russia have successfully built operational SMRs. The Government says the newly-announced UK project could support up to 3,000 new skilled jobs and power the equivalent of around three million homes, with a first site expected to be allocated later this year by state-owned Great British Energy – Nuclear. The hope is eventually attract private investment, especially from tech companies, which might build SMRs to power data centres.– Who has welcomed the Government funding? Trade unions welcomed the move, which the Treasury said would go towards creating 10,000 jobs, including 1,500 apprenticeships. The GMB union said giving Sizewell C the go-ahead was 'momentous'. Regional secretary Warren Kenny said: 'Nuclear power is essential for clean, affordable, and reliable energy – without new nuclear, there can be no net zero. 'Sizewell C will provide thousands of good, skilled, unionised jobs and we look forward to working closely with the Government and Sizewell C to help secure a greener future for this country's energy sector.' Mike Clancy, general secretary of Prospect, said: 'Delivering this funding for Sizewell C is a vital step forward, this project is critical to securing the future of the nuclear industry in the UK. 'New nuclear is essential to achieving net zero, providing a baseload of clean and secure energy, as well as supporting good, unionised jobs. 'Further investment in SMRs and fusion research shows we are finally serious about developing a 21st-century nuclear industry. 'All funding must be backed up by a whole-industry plan to ensure we have the workforce and skills we need for these plans to succeed.' – Who has criticised the plans? Various campaigners oppose the plant and have criticised the decision to commit the funding, saying it is still not clear what the total cost will be. Alison Downes of Stop Sizewell C said ministers had not 'come clean' about the full cost of the project, which the group has previously estimated could be some £40 billion. 'There still appears to be no final investment decision for Sizewell C, but £14.2 billion in taxpayers' funding, a decision we condemn and firmly believe the Government will come to regret. 'Where is the benefit for voters in ploughing more money into Sizewell C that could be spent on other priorities, and when the project will add to consumer bills and is guaranteed to be late and overspent just like Hinkley C? 'Ministers have still not come clean about Sizewell C's cost and, given negotiations with private investors are incomplete, they have signed away all leverage and will be forced to offer generous deals that undermine value for money. Starmer and Reeves have just signed up to HS2 mark 2.' Environmental campaigners have also warned of the impact the plant could have on local wildlife, given Sizewell is surrounded by protected areas. The whole coast is an area of outstanding natural beauty (AONB), the shingle beach is a site of special scientific interest (SSSI) while the nearby Sizewell Marshes and Leiston Sandlings are special protected areas (SPAs) for birds. Many argue that ministers should focus on investing in renewable energy, such as wind farms, instead.
Rhyl Journal
29 minutes ago
- Rhyl Journal
Welsh FM accused of doing ‘nothing' to protect pensioners from winter fuel cut
Darren Millar, leader of the Welsh Conservatives, called for Eluned Morgan to apologise to the pensioners affected by the change last winter, arguing the Welsh Government should have stepped in to support those in need. Speaking during First Minister's Questions on Tuesday, Mr Millar said the cut had forced vulnerable people to choose between heating and eating. Baroness Morgan, leader of the Welsh Labour Government, said she was 'absolutely delighted' that the UK Government had reversed the cut for many. The payment, worth up to £300, will be restored to the vast majority of pensioners, with anyone with an income of under £35,000 a year now getting the payment automatically. The decision last July to restrict the winter fuel payment to the poorest pensioners was intended to save around £1.5 billion a year, with more than nine million people who would have previously been eligible losing out. Rachel Reeves, the Chancellor, announced the partial U-turn on Monday, following significant backlash from charities, opposition MPs and the Government's own backbenchers. Speaking in the Senedd, Mr Millar said: 'Yesterday we saw a screeching U-turn on the winter fuel allowance by Rachel Reeves, after considerable pressure from the Conservative Party. 'You will know that over half a million Welsh pensioners were deprived of their winter fuel payments last year, leaving some very vulnerable people with the unenvious choice of having to choose between heating and eating – it's an absolute disgrace. 'You are meant to stand up for Wales but what did you actually do in terms of this winter fuel allowance? You did absolutely nothing.' Mr Millar argued Baroness Morgan should have implemented a Welsh winter fuel payment or stood up to Sir Keir Starmer and demanded the payment be restored sooner. Baroness Morgan responded that she was 'absolutely delighted' that Sir Keir Starmer had listened to pensioners in Wales and across the country. 'I'm really pleased that because we have made representations to the Prime Minister on this issue that he has changed his mind and that will make a difference to hundreds of thousands of pensioners across Wales this winter, in a country where we do have more older people and housing which is more difficult to heat. 'I don't think that it's bad to listen to people and then to make sure that you respond to them.' Baroness Morgan had previously pushed back against the cut, having called for a 'rethink' in early May, saying it was something 'that comes up time and again'. At the time, the Government said there would 'not be a change to the Government's policy'. On Monday, Ms Reeves suggested that the 'stability we've brought back to the economy' meant the Government was able to change the eligibility threshold for winter fuel payments.
North Wales Chronicle
38 minutes ago
- North Wales Chronicle
Plaid MP calls for new nuclear project at Wylfa, Anglesey
Llinos Medi, along with the Nuclear Industry Association, brought together industry and political leaders for the Wylfa Future Roundtable on June 6. The aim of the meeting was to discuss the potential of a new nuclear development on Anglesey. Ms Medi said that this project would be 'transformational' for Ynys Môn and vital for the UK's long-term energy security. The roundtable was attended by union leaders, academics, Anglesey County Council representatives, businesses, and nuclear industry experts. They all discussed the future of nuclear power in north Wales. The event highlighted the 'unique potential' of Wylfa as a leading site for nuclear innovation. Ms Medi also called on the UK Government to 'urgently clarify its commitment' to the Wylfa project. She said: "Last week, I was proud to host alongside the Nuclear Industry Association, a cross-party roundtable discussion with unions, academics, Anglesey County Council, local businesses, and industry experts on the future of nuclear at Wylfa. READ MORE: Plan to build annexe in 'picture postcard' village is 'lesser of two evils' Seaside hotel in Gwynedd sold after more than 40 years of family ownership "This group, representing both the local community and industry, are united in our call for the UK to develop a new nuclear project at Wylfa. "This would be transformational for jobs and livelihoods on the island and north Wales as well as providing energy security for decades for the entire United Kingdom. "The UK Government must urgently clarify its commitment to a new project at Europe's best nuclear site at Wylfa."
