Today, Boris Johnson will approve the first of eight new nuclear power plants, and he will call on his successor to put more emphasis on securing the UK’s energy sources.
Mr. Johnson will claim that the only long-term answer to the energy situation is investment in domestic production in one of his last statements as prime minister.
The new £30 billion Sizewell C reactor in Suffolk, which will be constructed by the French company EDF adjacent to its existing Sizewell B plant, will cost £30 billion.
The Prime Minister will announce that the Government has agreed in principle to acquire a 20% ownership in.
And he will affirm plans to approve the construction of seven more new nuclear power stations by 2030.
Mr. Johnson will warn that the long-ignored need to increase local output has been highlighted by the conflict in Ukraine and the ensuing spike in energy costs.
He would remark, “The circumstance we find ourselves in right now is quite troubling, but this government has already stepped in to assist with billions of pounds.”
“And our British Energy Security Strategy not only focuses on satisfying demand now, but demand in the future as well.”
“The important choices this administration has taken about our country’s energy future will leave behind a United Kingdom where energy is affordable, clean, dependable, and abundant, and is produced on British soil.
A future in which local markets or foreign despots will never again control families and enterprises.
Mr. Johnson will also exhort his successor to keep the spotlight on renewable energy, arguing that the UK’s net-zero commitments should be upheld.
Additionally, he would criticise prior administrations for not seizing the nettle on contentious matters like nuclear power.
A source stated: “His belief is that Sizewell C would be warming houses by now, not just getting under way, if past governments had got a handle on this.”
Mr. Johnson stated Wednesday when visiting Barrow-in-Furness, Cumbria: “This is the nation that split the atom for the first time, we constructed the first civilian nuclear reactor and for 13 years under the last Labour administration… we didn’t start a single nuclear reactor.” Every year, we’re going to have one.
I’m not arguing that nuclear power is the entire answer; that is obvious; but it is a component of the solution.
“You need nuclear as part of your baseload so it’s dependable, so it can keep delivering steady sustainable supplies that are, by the way, carbon neutral.”
More than six million households can be powered by the approximately 3.2 gigawatts of energy that the Sizewell C reactor will produce.
Although Whitehall officials stated it was a “done agreement” that the public would acquire a 20% part in a project projected to cost up to £30 billion, final discussions with EDF are still ongoing.
In order to assist individuals and businesses deal with the skyrocketing cost of living, Mr. Johnson admitted that new energy sources would take some time to come online.
He said that the government would “unquestionably” need to come up with another rescue plan.
He said that there was already £37 billion available to assist with living expenses but added, “I truly, really understand why people are worried about it.”
The Resolution Foundation issued a warning yesterday night, stating that the ‘terrifying’ possibility of the largest squeeze in living standards in a century seemed to be destined to dominate the incoming prime minister’s term in office.
According to the think tank’s most recent report, unless policy or economic forecasts change, the number of people living in absolute poverty is expected to increase by three million, to 14 million, in 2023–24, and real household disposable incomes are on track to decline by 10% over this year and next.
According to the foundation, the 10% decrease in discretionary income, which translates to £3,000 for the average family, “is likely to be the worst for at least a century.”
Regulators have informed the owner of British Gas that it is permitted to restart a large natural gas storage facility.
Before it was shut down in 2018, Centrica’s Rough plant off the coast of East Yorkshire supplied 70% of the storage capacity for Britain.
Last month, Centrica’s CEO, Chris O’Shea, said that the company was willing to spend $2 billion to revive the facility.
According to Mr. O’Shea, clients might have saved roughly £100 on their yearly energy expenses if Rough had been open last winter.
As living expenses soar, John Lewis will provide its 78,000 employees with free lunches at work this winter.
From October to January, employees at Waitrose and John Lewis shops and warehouses will have the option of prepared meals or prepackaged food, a first for the industry.
Offering hot meals produced with Waitrose goods, such as English breakfasts, soups and salads for lunch, and even roast dinners on Sundays, will be available to staff at shops with kitchens.
Households throughout the nation are preparing for an increase in energy costs to £3,549 in October as a result of this.
The knock-on effects of Russia’s invasion of Ukraine are driving up the cost of food and other necessities.
According to statistics, the cost of food increased by 10.5% in August over the same month last year, and inflation is predicted to pick up speed.
“We pride ourselves on having a joyful workplace because it’s our partners who make the difference,” said Andrew Murphy, chief operating officer of John Lewis.
It happens as the partnership, which is owned by its staff, is looking for more than 10,000 temporary workers to assist with the hectic holiday season.