UK’s Sunak to announce $252 million investment in nuclear deterrent and nuclear energy

UK leader says investment is vital in ‘more dangerous and contested world.’

United Kingdom Prime Minister Rishi Sunak is set to announce plans to invest 200 million pounds ($252m) in the country’s nuclear deterrent and civil nuclear industry.

Sunak will on Monday announce a “national endeavour” to secure the future of the nuclear submarine-building and nuclear energy industries, creating 40,000 jobs in the process, the prime minister’s office said in a statement on Sunday.

Under the plan, the government will create a fund for the northern England town of Barrow-in-Furness to help support people taking up jobs, improve transport links and build more homes.

The government will also partner with industry players, including BAE Systems, Rolls-Royce, EDF and Babcock, to invest at least 763 million pounds ($962m) in skills, jobs and education by 2030, the statement said.

The UK’s nuclear industry is experiencing an “unprecedented period of growth” due to the government’s nuclear energy targets and will need 123,000 new workers by 2030, the statement said.

The UK’s nuclear submarine industry is also set to grow in the coming years following the formation of the AUKUS security pact, under which the UK and the United States are assisting Australia in acquiring nuclear-powered submarines.

“In a more dangerous and contested world, the UK’s continuous at-sea nuclear deterrent is more vital than ever,” Sunak said. “And nuclear delivers cheaper, cleaner home-grown energy for consumers.”

“That’s why we are investing in Barrow, the home of UK submarines, and in the jobs and skills of the future in the thriving British nuclear industry. Today we usher in the next generation of our nuclear enterprise, which will keep us safe, keep our energy secure, and keep our bills down for good.”