(Con): My Lords,
does my noble friend agree that a key component of a successful
industrial strategy and growth is massive investment, both from
foreign sources, on the scale we used to attract and are not
attracting now, and of course from pension funds, which are
managing trillions and are ready to invest? Does he agree that in
the energy sector the attraction is going to be more to
quick-build small modular reactors than to any large, rather
out-of-date, massive giants which take years to build and are
full of risks? Will he advise his friends, as a priority, to put
all their efforts behind developing small nuclear reactors as
part of our sensible energy strategy and our move to a
decarbonised electric sector?
The Minister of State, Department for Business and Trade (The
) (Con): I thank my noble
friend for his comments and his question: indeed, I will. On the
specific question of investment, the Government, along with
Rolls-Royce
have invested over £300 million in small modular reactors. On
inward investment—again, I agree that a massive amount of inward
investment is always required—we have arrangements with the UAE,
bringing in £5.9 billion, and Qatar, for £10 billion. We know
about the Nissan/Envision billion-pound investment up in the
north and Ford has put in nearly £400 million recently as well.
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