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Market Loop - Government takes stake in nuclear plant

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28th March 2022

Bite-sized business news from the UK and beyond
Good morning After a pared back ceremony last year due to Covid, the Oscars returned to its full scale glitz last night. Coda was the big winner scooping the Best Picture and Best Supporting Actor awards.
But even if you don’t win, you won’t walk away empty handed. Top nominees are given gift bags worth almost $140,000 which include items ranging from designer popcorn to a voucher for $12,000 worth of liposuction.
Today's stories
  • Government takes stake in nuclear plant
  • UK and Canada kick off trade talks
ECONOMY
Government takes stake in nuclear plant

What’s going on?
The UK government will own 20% of a new nuclear plant in Suffolk in a move to diversify the country’s energy supply.

Why is this important?
Soaring oil and gas prices and the war in Ukraine have brought energy security to the forefront for Western governments.

Earlier this month the UK, US and EU announced plans to reduce the level of Russian oil and gas they import in response to the invasion of Ukraine. 

Unlike the EU, the UK is much less reliant on Russian energy but the knock on effects of reducing global supply have sent energy prices higher.

Focus is now turning to alternative energy sources like nuclear. The UK generates about 16% of its electricity from nuclear, but almost half of current capacity is to be retired by 2025.

The government plans to invest into a £20bn nuclear power plant with the French energy giant EDF also taking a stake. It’s hoped that the confirmation of two key backers in the scheme will encourage other investors to take part.

Ultimately the taxpayer will have to contribute towards the plant. Households could see an extra £1 a month to their energy bill, but in the face of the current cost of living squeeze, exemptions for the poorest are likely to be made.
 
Zooming out
The war in Ukraine has highlighted how volatile oil and gas prices can be and increased the urgency to be more energy self-sufficient.

Nuclear power is more predictable than fossil fuels but it’s not without its critics. Renewable energy campaigners argue that solar and wind are cheaper, faster and greener to use.
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ECONOMY
UK and Canada kick off trade talks

The UK and Canada have started negotiating a new trade agreement after Brexit rendered the old one obsolete. A new deal would encourage easier trading between the nations and lessen dependence on both countries’ larger neighbours.  

The UK is Canada’s third-largest trading partner and the government estimates that a free trade deal would benefit more than 10,000 UK small and medium-sized businesses from lower barriers to trade for example with simplified paperwork.

In 2020 trade between the two countries was worth £19bn and is forecast to rise by 45% by 2035. The main goods traded include precious stones, metals and heavy machinery.

Since the UK left the EU it’s been on a mission to strike free trade deals around the world. Canada is continuing to try and diversify its trade strategy as both supply chains and once solid trading relations with the US and China become less stable. 

Despite some potential sticking points (like the UK not allowing the export of hormone-treated beef from Canada), both sides seem confident the deal will be done within two years.
Stat of the day

There are over 750 million £20 notes that will no longer be valid from 1 October
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