Rachel Reeves has reallocated £2.5bn from the national energy company, Great British Energy, to a newly named nuclear body, causing controversy over funding promised for renewable energy projects. The Treasury's spending review dictates that both publicly owned entities will share an £8.3bn budget with a focus on developing small modular nuclear reactors. This funding shift has led to debates about the future independence of Great British Energy and its role in the renewable energy sector, especially given its initial promise to spearhead clean power generation in the UK.
Rachel Reeves has effectively cut £2.5bn from the government's national energy company by sharing the £8.3bn it was promised with a separate nuclear power body.
The Treasury's spending plans said the two allied publicly owned companies with a shared mission would spend the £8.3bn on homegrown clean power including £2.5bn to help the UK develop a new generation of small modular nuclear reactors.
Despite the name change, the two bodies remain separate entities, igniting a row over the need to share funds promised to the newly established energy company.
GB Energy was launched to great fanfare, yet a source close to the company asserted that Reeves restricted its scope by depriving it of funds for renewable projects.
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