Nuclear Power: Toshiba

Michael Fallon Excerpts

Monday 12th November 2018 Commons Chamber

[Mr Speaker]

The Secretary of State is a most cerebral fellow, and also unfailingly courteous, but there is a bit of pressure on time, so if he can zip through it, with that rapier-like brain of his, that would be greatly appreciated by the House.

[Sir Michael Fallon (Sevenoaks) (Con)]

Does my right hon. Friend agree that if we are to develop a nuclear industry with the skills and the supply chain necessary to deliver baseload electricity that is reliable and cost-effective, it really is essential to avoid the kind of long gaps in procurement—for example, between Sizewell B and Hinkley C—that we saw under Labour? Will he intensify his work to find a financing model that is equally attractive to our long-term funds as it could be to overseas investors?

[Greg Clark]

I pay tribute to my right hon. Friend for his important work in re-establishing the civil nuclear industry in this country. He is absolutely right: it is not just investment gaps that cause problems; we lose the ability to train workers in that industry, and we are having to restart training nuclear engineers. In previous statements to this House, I have said that we have accepted the recommendations of the Public Accounts Committee about looking at new models for financing new nuclear. It is right that we should do so, and in so doing we will proceed with deploying new nuclear power in this country.