Labour urges end to nuclear sell-off
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.MARY FAGAN
Industrial Correspondent
The Labour Party urged a halt to nuclear privatisation, saying it will cost the Exchequer pounds 1bn in lost revenues in the three years to 1998-99. It coincides with warnings by Gordon McKerron, an adviser to the House of Commons Trade and Industry Committee, that the planned sale of the most modern reactors may raise less than a third of the hoped for pounds 2.6bn.
Margaret Beckett, Labour's trade and industry spokesperson, said the Treasury's Red Book shows the industry would have become a revenue source in 1996-97 and thereafter but will now be a big revenue drain. She blamed the decision to sell the profitable more modern reactors while leaving old Magnox stations, with their billions of pounds of liabilities, in the public sector.
"This shows a wanton disregard for the proper husbandry of the public finances. It is time to call a halt to the sale." She added that Dr McKerron's work underlined the need to stall privatisation at least until the Trade and Industry Select Committee investigating the sale issues its report.
In another blow to privatisation plans, John Renolds, of the financiers James Capel, told the Select Committee yesterday that the issue of waste disposal and the related financial risk could cause significant concern for potential investors in British Energy, the company set up to run the most modern reactors.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments