Great British Energy: Nuclear Development

Earl Russell Excerpts

Tuesday 22nd July 2025 Lords Chamber

Asked by

[Earl Russell]

To ask His Majesty’s Government what impact they anticipate reallocating £2.5 billion of Great British Energy’s planned budget for nuclear energy generation development will have on its ability to deliver on its planned objectives.

[Lord in Waiting/Government Whip (Lord Wilson of Sedgefield) (Lab)]

My Lords, Great British Energy’s mission is to drive clean energy deployment in order to create jobs, boost energy independence and ensure that UK taxpayers, bill payers and communities reap the benefits of clean, secure, homegrown energy. In the spending review, the Government pledged over £2.5 billion for the small modular reactor programme through Great British Energy-Nuclear. This programme will potentially power the equivalent of 3 million homes with clean, secure, homegrown energy. Together, Great British Energy and Great British Energy-Nuclear will invest £8.3 billion in our clean energy future.

[Earl Russell (LD)]

My Lords, I thank the Minister for his Answer. The Treasury cut one-third of Great British Energy’s budget and its investment powers, clipping its wings before it could fly. A renaming sleight of hand does not make Labour’s manifesto pledge add up. The promise to fully capitalise Great British Energy with £8.3 billion in this Parliament has clearly been broken. I ask the Minister either to confirm which third of GB Energy’s mission will be scrapped or to give a clear commitment to replace these essential funds, which have been taken away by the Treasury.

[Lord Wilson of Sedgefield (Lab)]

I thank the noble Earl for that question but I do not think that the Great British Energy budget has been cut. The £8.3 billion will be spent between the two allied companies. The small modular reactors programme, if we get a fleet of them, will generate enough energy for over 3 million homes and create thousands of jobs. In April, Great British Energy announced £3 million for offshore wind supply chains. In June, we announced another £700 million investment in clean energy supply chains. We are doing everything that we possibly can with this money, and it acts as a catalyst for future investment. All sides of the House welcome the money that we are putting into small modular reactors.