News story

Chancellor announces major progress in civil nuclear partnership between the UK and China at 7th Economic and Financial Dialogue

The Chancellor George Osborne and Chinese Vice Premier Ma Kai today agreed major progress to enhance the UK-China civil nuclear partnership.

Chancellor with Vice Premier Ma Kai

The new announcements, agreed at the 7th UK-China Economic and Financial Dialogue in Beijing, represent a major milestone in the partnership between the UK and China’s burgeoning civil nuclear industries, worth tens of billions of pounds.

In addition to a landmark announcement on a new government guarantee of up to £2 billion for Hinkley point, the Chancellor established further ties between the UK’s Northern Powerhouse and China’s growing nuclear industry by announcing that the two countries will work together to co-fund a £50 million cutting-edge nuclear research centre, to be headquartered in the UK.

The Chancellor also announced a regional collaboration agreement between Cumbria and Sichuan Province, deepening commercial ties between the province and the North West’s world-leading expertise in nuclear decommissioning and waste management.

Together, these announcements will pave the way for deepening collaboration in nuclear sectors in the UK and China, including for UK companies accessing China’s rapidly growing nuclear market.

Chancellor, George Osborne said:

This is a partnership built on lasting economic ties and growing cooperation. So with Vice Premier Ma’s personal support we are strengthening our partnership in nuclear energy.

Together we can create jobs and develop skills – which is why we’re launching a new £50 million jointly funded research and innovation centre.

The announcement follows the Chancellor’s decision earlier today (21 September) to provide a new government guarantee of up to £2 billion for Hinkley Point, paving the way for a final investment decision by energy company EDF later this year.

The conclusion of the EFD also saw the UK and China agree a series of steps to deepen economic, commercial and cultural ties.

Read the factsheet.

Chancellor, George Osborne said:

Our message to our Chinese counterparts is clear, I want the UK to be China’s best partner in the West. I want us to enjoy a golden decade where we help each other to grow, to create jobs and raise living standards.

For the UK this means developing stronger links with dynamic economies such as China’s. And being able to take advantage of the opportunities that a growing, reforming, rebalancing Chinese economy offers.

Published 21 September 2015