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Rishi Sunak is the Prime Minister of the United Kingdom. He will declare a “critical national endeavor” as he unveils a two hundred-and fifty-two-million-dollar package of investment aimed at securing the future of the U.K.’s nuclear industry and boosting jobs.
The Prime Minister will introduce a new fund backed by twenty-five million dollars a year in public money for the next decade to support growth in Barrow-in-Furness. It is the Cumbrian town that is home to Britain’s Astute class submarines and forthcoming Dreadnought program.
Sunak says that the money will provide grants to local organizations and improvements to transport and health projects in the area.
The nuclear industry in the U.K. is expected to require fifty percent more skilled workers in the next decade as it becomes more central to UK energy and national security.
Sunak’s announcement comes amid concerns about the U.K.’s level of defense spending as two serving ministers have urged Sunak to increase defense spending to at least two and a half percent of GDP. They advocate this increased defense spending in the face of escalating Russian aggression and concerns about stability in the Middle East.
There was no increase of defense spending in the spring budget as chancellor Jeremy Hunt told MPs, “Our spending will rise to 2.5 per cent [of GDP] as soon as economic conditions allow,” without detailing how that would happen.
Defense Secretary Grant Shapps has also admitted that he’d like to see a “bigger budget” from the current level of just over two percent and he called for military spending to be increased to three percent of GDP.
Sunak has said the government has already announced the largest sustained increase in defense spending since the Cold War. He added that the budget was “recently topped up with billions of pounds to strengthen our nuclear enterprise and rebuild stockpiles.”
Today’s announcement also includes a significant infusion of cash from industry leaders including BAE Systems, Rolls-Royce, EDF and Babcock. They will be investing 960m million dollars between them in skills, jobs and education.
Before a visit to Barrow-in-Furness on Monday, the Prime Minister said, “Safeguarding the future of our nuclear deterrent and nuclear energy industry is a critical national endeavor. “In a more dangerous and contested world, the UK’s continuous at-sea nuclear deterrent is more vital than ever. And nuclear delivers cheaper, cleaner homegrown energy for consumers.”
He added, “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.”
Nuclear industry leaders have welcomed the plans. Charles Woodburn is the CEO of BAE Systems. He said, “Barrow is at the heart of the UK’s submarine enterprise and as the custodian of our submarine design and build capability, we’re incredibly proud of the role we play in the Astute, Dreadnought and now SSN-AUKUS program.”
David Lockwood is the CEO of Babcock International. He said the measures were a “fantastic opportunity for the UK to deliver a stronger nuclear industry that will contribute to the resilience of the UK’s independent deterrent and will support the UK’s energy security ambitions and net zero targets.”