By Ben Kerrigan-
Boris Johnson has promised £700m of funding to get the much-delayed Sizewell C nuclear power project into operation as part of a drive to improve the UK’s energy security.
Delivering his last major policy speech as prime minister, Mr Johnson said the spike in gas prices driven by Vladimir Putin’s invasion of Ukraine showed why the UK needed new nuclear-generation capacity.
The prime minister said it would be madness not to go ahead with the plan of the new Suffolk reactor could power the equivalent of about six million homes and would provide tens of thousands of jobs, he said, and it would be “madness” not to go ahead with it.
Mr. Johnson argued that the reluctance of previous governments to back nuclear energy had helped drive up bills.
The PM attributed the problem to “myopia”, adding: “It is called short-termism. It is a chronic case of politicians not being able to see beyond the political cycle.”
“In the course of the next few weeks I am absolutely confident that it will get over the line,” he added during a visit to the site.
The project, which is being developed by French energy company EDF, is estimated to cost about £20bn overall, but critics argue the Sizewell C will be hugely expensive and take years to build.
The government gave the go-ahead for the plant in July with negotiations on raising funds continuing.
It is not expected to begin generating electricity until the 2030s.
“We need to pull our national finger out and get on with Sizewell C,” the outgoing PM said.
“That’s why we’re putting £700m into the deal, just part of the £1.7bn of government funding available for developing a large-scale nuclear project to final investment stage in this parliament.
“In the course of the next few weeks I am absolutely confident that it will get over the line.”
Mr Johnson said the war in Ukraine, which has pushed up gas prices, had demonstrated the need for new nuclear generation capacity in the UK.
In his final major policy speech before he leaves office, he argued the reluctance of previous governments to back nuclear energy had helped drive up bills.
The PM described the problem as “myopia”, adding: “It is called short-termism. It is a chronic case of politicians not being able to see beyond the political cycle.”
“Let’s think about the future, let’s think about our kids and our grandchildren, about the next generation,” he said.
“And so I say to you, with the prophetic candour and clarity of one who is about to hand over the torch of office, I say go nuclear and go large and go with Sizewell C.”
He attributed myopia to the UK’s failure to build new nuclear power stations, he blamed “myopia” – politicians not being able to see beyond the political cycle, as he took a swipe at Labour and the Lib Dems for not having built any while in power.
Earlier, chancellor Nadhim Zahawi said he was deeply concerned people could freeze this winter as energy bills skyrocket, admitting government help with the cost of living was not enough and insisting “nothing is off the table”.
He said: “If you have an old kettle that takes ages to boil, it may cost you £20 to replace it. But if you get a new one you will save £10 a year every year on your electricity bill.”