18:23 The Secretary of State for Business, Energy and Industrial Strategy (Greg Clark)

It remains the Government’s objective in the longer term that new nuclear projects, like other energy infrastructure, should be financed by the private sector. Alongside our discussions with developers, we will be reviewing the viability of a regulated asset base model as a sustainable funding model, based on private finance for future projects beyond Wylfa, that could deliver the Government’s objectives of value for money, fiscal responsibility and decarbonisation.

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18:28 Rebecca Long-Bailey (Labour)

The Secretary of State’s statement on Wylfa Newydd is good news for my constituency, good news for north Wales, and good news for the UK nuclear industry and wider industry. If we are serious about tackling climate change, we need to be serious about new nuclear and get on with it as quickly as possible. My constituents will welcome this announcement, but they will want assurances that the skills agenda is going ahead and that local people can have the quality jobs that previous generations in my constituency have had for over 40 years. I invite the Secretary of State to come to talk to training providers, local government and the Welsh Government so we can get this agenda up and running.

I am surprised the hon. Gentleman mentions that, because one of the problems Germany has faced is that the return to coal has increased the pressure on its greenhouse gas emissions. I checked before I came into the Chamber, and coal was contributing just 1% of our current electricity generation, compared with 20.5% from nuclear. If we are serious about meeting our climate change ambitions, we have to take decisions that are consistent with that.

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