Business Secretary Greg Clark has committed billions of taxpayer cash to new UK nuclear power plant
Wylfa nuclear plant is expected to create thousands of jobs and generate electricity for five million British homes
BUSINESS Secretary Greg Clark committed billions of pounds of taxpayers’ cash to a new nuclear plant yesterday in a marked U-turn by Government.
The Cabinet Minister told MPs he would be entering negotiations with Japanese giant Hitachi over taking an “equity stake” in a proposed Wylfa plant near Anglesey.
It comes just weeks after reports the Government was considering a stake worth around £5 billion and loans totalling up to £10 billion more after Hitachi threatened to scrap the project.
At the time the Department for Business said it “didn’t recognise” the claims.
In 2010 the Tories insisted there would be no “public underwriting of construction cost overruns” because of the risk to public finances.
Wylfa is expected to create thousands of jobs and generate electricity for five million homes – around six per cent of UK demand.
Mr Clark confirmed: “For this project the Government will be considering direct investment alongside Hitachi and Japanese government agencies.”
Green Party chief Caroline Lucas branded it a “calamitous mistake”.
Greenpeace called it a “bailout”. But unions welcomed “good news towards meeting our decarbonisation targets”.