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Billions Freed From EU Red Tape Will Be Used To Fund New Nuclear Power Stations

The Sun has revealed that billions of pounds of investors freed from red tape in Brussels will be used to fund new nuclear power plants.

cash-strapped chancellor of the exchequer jeremy hunt Will hailed it as a “textbook Brexit boon” in his grand qualifierBudget Tomorrow’s presentation – with Sizewell C The reactor is in suffolk First big project for the money.

A Treasury source said: “The chancellor’s plan to reform this EU directive will free up £100bn – a textbook Brexit benefit”Credit: AFP
The Sizewell C reactor in Suffolk will be the first major project to qualify for the funding

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The Sizewell C reactor in Suffolk will be the first major project to qualify for the fundingCredit: AFP

This European Union Solvency II financial regulations limit the amount of capital that large insurance funds can invest.

Large companies such as Legal & General and Aviva need to hold large reserves, but Hunter’s Reforms would reduce this amount.

After months of negotiations with city regulators, lawmakers agreed last year to repeal the rules, freeing up billions of dollars for major infrastructure projects.

The Chancellor’s reforms are expected to unlock up to £100bn of private investment in UK infrastructure and infrastructure over the next decade, the Association of British Insurers said. clean energy.

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Billions of pounds of private investment from UK and US insurers can now make up for lost funding from Sizewell C’s original backer, China Nuclear Power, which pulled out of the project last year over national security concerns.

A Treasury source told The Sun last night: “The chancellor’s plan to reform this EU directive will free up £100bn – a textbook Brexit benefit.”

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