New
research from the Institute for Public Policy Research (IPPR) shows
that UK investment in new nuclear could boost the UK economy by £5
billion a year, create new export markets and generate many thousands of
jobs.
The
research by IPPR shows that if nuclear power were used to fill all the
18 gigawatts of additional non-renewable capacity required under
government forecasts, the result would be a boost to UK GDP of up to
0.34% a year and an annual economic gain of £5.1 billion.
Furthermore,
the investment could result in additional direct and indirect job gains
of more than 22,000 a year, together with further induced jobs of up to
10,000 a year created by increased economic activity as a result of the
associated investment, according to a statement from EDF Energy.
The
research was commissioned by EDF Energy, which has plans to build four
new nuclear reactors at Hinkley Point in Somerset and Sizewell in
Suffolk, with a combined capacity of 6.4 GW.
“If
the Government makes a clear and credible long-term commitment to
nuclear energy in the form of a long-term nuclear energy strategy, and
if it has all-party support in doing so, then UK industry can be
reasonably confident that there will be a steady stream of work and
contracts in the future,” the IPPR report said.
Mark
Prisk, Minister at the Department for Business, Innovation and Skills,
said the IPPR research “demonstrates the compelling business case for
investing in the UK’s energy infrastructure. This much-needed investment
could create significant numbers of jobs for years to come as well as
increase UK export potential. New nuclear build is an important part of
the diverse energy mix we need for the UK’s low-carbon future,” Prisk
said, according to the EDF statement.
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