The government has committed £14.2bn to support the construction of the Sizewell C nuclear power station in Suffolk.
The investment will be confirmed later today when Chancellor Rachel Reeves addresses the GMB Union’s annual congress in Brighton.
Work on Sizewell C started last year, but has faced uncertainty about its future and ballooning costs. The plant is not expected to be operational until at least 2033.
Today’s funding announcement comes ahead of the Chancellor’s spending review on Wednesday, which will set departmental budgets until 2029.
With the Sizewell C investment, Energy Secretary Ed Miliband said the government was ushering in “a golden age of clean energy abundance.”
In addition to reducing the UK’s reliance on fossil fuels, the Sizewell C nuclear plant will also create 10,000 direct jobs, including 1,500 apprenticeships, as well as supporting thousands more jobs across the country.
Chancellor Rachel Reeves said: “Today we are once again investing in Britian’s renewal, with the biggest nuclear building programme in a generation. This landmark decision is our Plan for Change in action.
“We are creating thousands of jobs, kickstarting economic growth and putting more money people’s pockets.”
News of the Sizewell C investment comes as a new report highlights the nuclear sector’s contribution to the economy. According to the report, compiled by Oxford Economics and commissioned by the Nuclear Industry Association, the nuclear sector contributed generated an extra £4.2bn in gross value added (GVA) in 2024 compared to 2021.
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