Britain commits £2 billion for first nuclear plant in 20 years

The British government is set to spend £2 billion (AED 11.4bn) to support Chinese and French investments in a delayed nuclear power station in the south-west of the country. UK Chancellor George Osborne says the government will provide the initial cash to pave the way for the remaining investment by French company EDF, supported by China General Nuclear Corporation and China National Nuclear Corporation. Osborne says the £25 billion (AED 143bn) project is essential to ensure the lights stay on, as ageing nuclear and coal plants are retired over the coming 10 years. Hinkley Point C, near Bridgwater in Somerset, will be Britain's first new nuclear power station for 20 years, and is expected to supply 7% of the country's electricity needs, and create thousands of new jobs.