"In the context which we are today, it shows how important a contract like this, technology like this, is. If we can produce more homegrown electricity here in the UK, that takes us off the rollercoaster of global oil and gas prices."
"This was always the right thing to do but in the world in which we live today, where there is less security and there is more volatility, this deal is more important than ever."
"The development reflects the unavoidable lesson of recent geopolitical shocks, adding that the UK must double down on clean power, including nuclear and renewables, to protect households and businesses from price spikes."
The Chancellor emphasized the urgency of advancing Britain's first fleet of small modular reactors due to ongoing global energy market pressures. The agreement with Great British Energy Nuclear will initiate work on three reactors, designed for quicker assembly than traditional projects. This initiative aims to reduce reliance on volatile fossil fuels and enhance domestic energy security. The reactors are projected to power three million homes by the mid-2030s and create approximately 3,000 jobs, reflecting a commitment to clean energy amidst geopolitical challenges.
Read at London Business News | Londonlovesbusiness.com
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