Sizewell C nuclear power plant construction to cost £38bn as investors sign deal
The Department for Energy Security & Net Zero (DESNZ) said Energy Secretary Ed Miliband had signed the final investment decision for the development.
The Government will become the biggest equity shareholder in the project with a 44.9% stake.
New Sizewell C investors include La Caisse with 20%, Centrica with 15%, and Amber Infrastructure with an initial 7.6%.
It comes alongside French energy giant EDF announcing earlier this month it was taking a 12.5% stake – lower than its previously stated 16.2% ownership.
Mr Miliband said: 'It is time to do big things and build big projects in this country again – and today we announce an investment that will provide clean, homegrown power to millions of homes for generations to come.
'This government is making the investment needed to deliver a new golden age of nuclear, so we can end delays and free us from the ravages of the global fossil fuel markets to bring bills down for good.'
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Guardian
23 minutes ago
- The Guardian
US to impose 15% tariffs on South Korea as part of trade deal, Donald Trump says
President Donald Trump has said the US will charge a 15% tariff on imports from South Korea as part of an agreement with the Asian trading partner that avoids even higher levies. 'I am pleased to announce that the United States of America has agreed to a Full and Complete Trade Deal with the Republic of Korea,' Trump said on Truth Social on Wednesday. The South Korean president, Lee Jae Myung, said on Thursday the deal would put South Korea on an equal or better footing compared with other countries. He also said the countries had agreed to set up a $350bn investment fund, out of which $150bn was aimed at a shipbuilding partnership. Trump had said that as part of the arrangement, South Korea would invest $350bn in the US in projects selected by him and purchase $100bn of liquefied natural gas and other energy products. It was not immediately clear how the investment deals would be structured or over what time frame. Trump said additional investments would be announced later. Lee would visit the White House 'within the next two weeks' for a meeting with Trump, the US president added. He also said South Korea would accept American products – including cars, trucks and agriculture – into its markets and impose no import duties on them.
The Independent
25 minutes ago
- The Independent
These are the most affordable market towns for first-home buyers
Market towns, often sought after for their charm, convenience, and strong community spirit, are proving increasingly costly for first-time buyers, with average property prices now reaching £280,582. Across England and Wales, the typical amount paid by first-time buyers for a home in these desirable locations has climbed by 2 per cent annually and a significant 26 per cent since 2020, according to Lloyds, which used data from Halifax. Leek in Staffordshire has been identified as the most affordable market town for first-time buyers in the study, with an average property price of £191,359. Six of the ten most affordable market towns for first-time buyers are located across the Midlands. Conversely, Hitchin in Hertfordshire, with its commuting links to London, stands as the most expensive, commanding an average of £410,366. For all buyers, the average house price in market towns reached £363,456, marking a 5 per cent increase over the past year and a 24 per cent rise in the last five years. The research tracked house prices across 116 market towns. Beaconsfield in Buckinghamshire was identified by Lloyds as the most expensive market town for all buyer types, with an average price of £839,468. Nearby Chesham and Amersham were identified in a separate study by L&G this week as Britain 's best places to retire. Andrew Asaam, homes director, Lloyds, said: 'That 'best of both worlds' feeling has led to house prices in these areas holding up. In fact, the priciest market towns are amongst the most expensive locations, outside of Greater London, to settle into a home. 'It's worth looking beyond the most popular spots as some market towns are great value for money while offering the farmers' markets, independent shops and community spirit that make these historic places so appealing.' The report quoted Amy Flynn, 26, who got onto the property ladder in Bromsgrove, Worcestershire. She said: 'When looking to buy our first home, location was very important to us. We chose Bromsgrove, a market town, primarily for its connectivity, allowing us to easily commute to work and visit family and friends. 'Beyond logistics, we were drawn to the town's atmosphere. It has plenty of supermarkets, coffee shops, parks, pubs, gyms, barbers, nail salons and lots of charity shops to browse – everything a young couple could need.' She added: 'Being within walking distance of everything we need means we don't need to spend as much money on petrol or delivery, helping us to save those extra pennies which are very important when navigating bills and expenses for the first time. 'Choosing Bromsgrove means we can still enjoy a fulfilling lifestyle while managing the financial responsibilities of buying our first home.' Here are the least expensive market towns according to Lloyds, with the average first-time buyer house price in the 12 months to May 2025: Leek, West Midlands, £191,359 Chesterfield, East Midlands, £198,054 Northallerton, Yorkshire and the Humber, £201,628 Selby, Yorkshire and the Humber, £202,092 Driffield, Yorkshire and the Humber, £203,160 Boston, East Midlands, £211,404 Buxton, East Midlands, £224,896 Newport, South Wales, £227,784 Sleaford, East Midlands, £229,197 Grantham, East Midlands, £230,464 Here are the most expensive market towns for first-time buyers, according to Lloyds: Hitchin, East of England, £410,366 Altrincham, North West, £404,864 West Malling, South East, £396,925 Hertford, East of England, £392,310 Saffron Walden, East of England, £363,960 Wimborne, South West, £361,591 Market Harborough, East Midlands, £353,250 Chipping Norton, South East, £353,077 Didcot, South East, £352,919 Thatcham, South East, £349,602 And here are the market towns with the biggest house price increases between 2020 and 2025 in the study, across all buyer types. Figures show the average house price in the 12 months to May 2025 and the percentage increase over the five years:
The Independent
25 minutes ago
- The Independent
Your food shopping bill is set to increase. Here's how much
Food inflation is set to soar to 6 per cent by the end of the year, posing a "significant challenge" to household budgets just as Christmas approaches, industry leaders have warned. Retailers have cautioned against rising prices and potential job losses should the Chancellor hike taxes in the next budget, with two-thirds of chief financial officers expecting further price rises, according to the British Retail Consortium (BRC). A survey by the BRC found that a striking 56 per cent of retail finance chiefs, representing over 9,000 stores, feel "pessimistic" about trading conditions over the next 12 months. The majority, 85 per cent, attributed past price increases to the previous budget's rise in employer national insurance and the national living wage, with two-thirds (65 per cent) anticipating further rises in the coming year. While current BRC figures place food inflation at 4 per cent, the organisation predicts this will climb to 6 per cent year-on-year by Christmas. It said: 'This will pose significant challenges to household budgets, particularly in the run-up to Christmas.' Other than cost increases, 42 per cent of chief financial officers said they had frozen recruitment, while 38 per cent said they had reduced job numbers in-store. This was reflected in the official job figures, with almost 100,000 fewer retail jobs in the first quarter of 2025 compared to the previous year, the BRC said. More than a third of CFOs (38 per cent) said they had cut investment in local communities, while 15 per cent had already delayed opening new stores. BRC chief executive Helen Dickinson said: 'Retail was squarely in the firing line of the last budget, with the industry hit by £7 billion in new costs and taxes. 'Retailers have done everything they can to shield their customers from higher costs, but given their slim margins and the rising cost of employing staff, price rises were inevitable. 'The consequences are now being felt by households as many struggle to cope with the rising cost of their weekly shop. It is up to the Chancellor to decide whether to fan the flames of inflation, or to support the everyday economy by backing the high street and the local jobs they provide.' In January, the BRC predicted that food prices would rise by an average of 4.2 per cent in the latter half of the year as retailers battled increased costs from the budget. At the time, Ms Dickinson said modelling by the trade association and industry chiefs suggested there was 'little hope of prices going anywhere but up' as retailers faced higher national insurance (NI), national living wage and new packaging costs. Last week, market research firm Worldpanel by Numerator, formerly Kantar, reported UK grocery prices had increased at their fastest pace for 18 months amid growing concern from shoppers about the rising cost of living. Grocery price inflation accelerated to 5.2 per cent in the four weeks to July 13, up from 4.7 per cent a month earlier and the highest level since January 2024. The data indicated that rising prices are set to add an average of £275 to shoppers' annual grocery spending.
