Arms race: UK will invest £200 million in nuclear deterrent, but a lot of money will come from Australia
UK Prime Minister Rishi Sunak will announce plans to invest £200 million ($252 million) in the country's nuclear deterrent and civilian nuclear industry.
Sunak will today announce a "national commitment" to secure the future of the nuclear submarine building and nuclear energy sectors, creating 40,000 jobs in the process, the Prime Minister's office said in a statement on Sunday.
Under the plan, the Government will create a fund for the town of Barrow-in-Furness, in the north of England, to relaunch this town as a center for future nuclear submarine construction and related technology in the UK. million pounds will have the aim of preparing the city for this evolution, with building plans and contributions of various kinds to help the creation and relocation of companies in the sector.
The Government will also work with industry players, including BAE Systems, Rolls-Royce, EDF and Babcock, to invest at least £763 million ($962 million) in skills, jobs and education by 2030, it says in the statement.
The UK's nuclear industry is experiencing a "period of unprecedented growth" thanks to the Government's nuclear energy targets and will need 123,000 new workers by 2030, the statement said.
The UK's nuclear submarine industry is also set to grow in the coming years, following the formation of the AUKUS security pact, under which the UK and US assist Australia in acquiring nuclear-powered submarines . The new Dreadnought class of nuclear submarines will be Britain's new strategic deterrent
“In a more dangerous and contested world, the UK's continuous at-sea nuclear deterrent is more vital than ever,” Sunak said. “And nuclear offers consumers cheaper, cleaner, domestically sourced energy.”
“That's why we're investing in Barrow, the home of the UK's submarines, and in the jobs and skills of the future of Britain's thriving nuclear industry. Today we inaugurate the next generation of our nuclear enterprise, which will keep us safe, ensure energy security and reduce our bills forever.”
A big joint investment
However, the funds for the renewal of the British fleet will not only come from the United Kingdom economy: Australia, a member of the AUKUS, has decided to invest 4.6 billion Australian dollars, approximately 2.4 billion pounds, 2 .8 billion Euros for the development of the new Rolls Royce nuclear reactors which, at least in theory, should equip future Dreadnought class submarines.
The problem is that these British reactors were significantly behind in development, so much so that it was doubtful whether they would be ready in time for the new submarines. The injection of Australian funds, which should then also become customers of the new strategic vehicles, should help develop the new propulsion systems.
Thanks to our Telegram channel you can stay updated on the publication of new Economic Scenarios articles.
The article Arms race: UK will invest £200 million in nuclear deterrent, but a lot of money will come from Australia comes from Economic Scenarios .
This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/corsa-al-riarmo-il-regno-unito-investira-200-milioni-di-sterline-nel-deterrente-nucleare-ma-tanti-soldi-arriveranno-dallaustralia/ on Mon, 25 Mar 2024 10:00:10 +0000.