Business Secretary Grant Shapps visits the Suffolk coast to mark the signing of contracts.
The business and energy secretary said with global gas prices at "record highs", caused by Russia's"Today's historic deal giving government backing to Sizewell C's development is crucial to this, moving us towards greater energy independence and away from the risks that a reliance on volatile global energy markets for our supply comes with.
"This is at the heart of a package of measures that - together with the new Great British Nuclear and powers of theImage caption,Under the deal, the government would become a 50% shareholder in the project's development with EDF. It said the move was the first direct government investment in a new nuclear power project since Sizewell B, the last nuclear power station to be built in the UK, was approved for construction in 1987.Campaign group Stop Sizewell C said the project could "neither lower energy bills nor give the UK energy independence".
"Despite the government's paltry £700m, there is still a huge amount of money to find, and no one is prepared to come clean about what the ultimate cost will be," it said. "Sizewell C may have to rely on overseas investors who would pocket UK households' hard-earned cash. With a French developer, overseas owners and foreign uranium fuel, the claim of energy 'freedom' looks pretty hollow."
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