James O'Brien 10am - 1pm
James Takes Aim At Foreign Governments Owning UK Utilities
James O’Brien questions why the British government is happy to see profits from power stations go to foreign governments.
Yesterday’s decision to go ahead with the Hinkley Point C nuclear power plant will see the British government subsidise a joint venture between companies backed by the French and Chinese governments, which means profits from the plant will go abroad.
“But best case scenario is that we pay an electricity bill and the profits go to China and France. Are you cool with that? Because I'm not.
“I’ve got no problem at all with the free movement of people, but I find the free movement of money from my pocket to that of a foreign government problematical,”
China agreed to put up £6bn of the £18bn cost of construction on the condition that the UK government approves another Chinese led project in Bradwell, Essex. Furthermore the British government has guaranteed that the investors will receive a minimum income from the electricity generated.
James asks, “There's something fundamentally self-inflicted about this deal, isn't there?”