Keir Starmer has formally accepted the recommendations of the new Nuclear Regulatory Taskforce (NRT), setting the stage for a ‘radical reset’ of Britain’s nuclear regulations and signalling the Government’s intent to fast-track a new era of reactors.
In the last year, the UK has finally started to get serious about nuclear energy. Financing has been secured for Sizewell C, multiple sites have been approved for small modular reactors (SMRs), and John Fingleton’s NRT report offers a roadmap for removing regulatory barriers across the UK. Taken together, these events signal a pivot away from energy insecurity and toward a more resilient, clean energy future.
Several converging forces explain the sudden momentum behind expanding the UK’s access to nuclear power. First, there is the pressing need for energy security. The war in Ukraine, supply chain disruptions, unnecessary nuclear power plant closures across Europe and rising gas prices all contribute to this. Nuclear energy offers a unique value proposition: firm power that isn’t dependent on the weather, geopolitics or the whims of global energy markets.
Second, the economics are finally starting to align. For a long time, nuclear energy has been misrepresented as too expensive, but more recent data and case studies have challenged this argument, particularly when taking into account subsidies for renewable technologies – costs that are typically passed on to consumers – and high electricity prices in countries with a lot of wind and solar power and no nuclear generation (Germany, for example). Also, growing demand for low-carbon electricity, paired with rising inflation and higher fossil-fuel prices is making nuclear energy more attractive, which means that investors and governments are increasingly willing to back projects that promise long-term stability and a hedge against volatile energy markets.
Third, public opinion has, largely, finally shifted in favour of nuclear technology in much of the Western world, including Britain. This has allowed governments to tackle the difficult topic of regulation. In the UK, that role has been played by the Fingleton report, which identifies the bottlenecks to building new nuclear here. It offers lessons in how to streamline permitting, licensing and safety reviews without compromising on environmental protections. If we adopt these reforms, we will be able to dramatically accelerate nuclear build-out.
Finally, technological innovation is working in the UK’s favour. The rise of SMRs, with lower capital costs and broad support across sectors, is reshaping the possibilities of nuclear, while large reactors like Sizewell C are moving forward, offering economies of scale and proven reliability.
While SMRs currently generate much excitement, large reactors like Sizewell C remain central to the UK’s long-term energy strategy. The 3.2GW plant in Suffolk will provide around 7% of the UK’s electricity once completed, powering 6 million homes and strengthening energy security. The project will also create 10,000 jobs at peak construction, support thousands more across the country, and deliver 1,500 apprenticeships. Sizewell C has already awarded £330m in contracts to local firms, with 70% of its supply chain expected to go to British companies, boosting employment in construction, engineering and associated services.
Large ‘gigawatt‑class’ reactors benefit from decades of engineering experience. They achieve impressive economies of scale, meaning each unit of electricity can, over time, become more economical compared to smaller reactors. Importantly, they play a critical role in balancing the grid: as intermittent renewables like wind and solar ramp up, large reactors can act as a steady backbone, providing continuous, reliable power to maintain grid stability.
In July, the UK Government signed the final investment decision for Sizewell C, the first majority British-owned nuclear power station in more than 30 years and the largest clean-energy project of its kind in a generation. Sizewell C is the first UK nuclear project financed through the landmark Regulated Asset Base (RAB) model, which reduces financing risk and lowers the overall cost of capital compared with earlier nuclear projects such as Hinkley Point C. Under the RAB model, costs and risks are shared between government, private investors and energy consumers, with the aim of making long-term, capital-intensive nuclear projects financially viable. A syndicate of 13 banks has announced that it is backing the UK’s first majority British-owned new nuclear plant in decades.
In recent news, the Government, through Great British Energy, confirmed Wylfa on Anglesey as the site for the country’s first SMRs from Rolls-Royce. The project is set to deliver up to 1.5 GW of low-carbon energy and is expected to generate as many as 3,000 jobs at peak construction for local communities plus thousands more across the national supply chain.
SMRs are well suited to modular construction and can be deployed in phases. Their smaller size reduces construction risk, and their modular design means future unit additions are relatively straightforward. SMRs can also go in places where large reactors simply aren’t viable, whether because of geographic constraints or grid limitations. This flexibility allows for more distributed nuclear capacity, helping to spread out infrastructure and reduce pressure on any single transmission corridor.
The recent NRT report argues that the UK’s current nuclear regulatory system has become ‘over‑complex, inefficient and costly’ – making us the most expensive country in the world for building new nuclear plants. It calls for a ‘radical reset’, including the creation of a single decision‑making body (a proposed Commission for Nuclear Regulation), streamlined planning and environmental approvals and risk‑proportionate regulation. It offers a comprehensive set of recommendations that are intended to cut delays, reduce wasteful bureaucracy and bring down costs by billions, while preserving safety standards. The Taskforce estimates that these reforms could save tens of billions in decommissioning and new builds, lower energy costs for consumers and unlock new investment to pave the way for a renewed ‘golden age’ of nuclear energy in the UK.
If the UK plays its cards right, it may be uniquely positioned to outpace both the US and many EU countries in deploying nuclear at scale. While there is ongoing debate over regulatory reform in other countries, the Government has already taken steps towards aggressively cutting red tape and committing to SMRs and large-scale reactors. We also retain deep expertise in nuclear engineering and a capable supply chain.
The current developments point to a genuinely historic opportunity. If we stay focused on cutting regulatory drag, fostering our skills base and balancing our nuclear mix (continuing to build both large reactors and SMRs), we could lead the way in delivering clean, continuous, reliable power at scale. The moment is here. What remains to be seen is whether we will fully seize it.
Every year, I eagerly await a report that confirms what I see before my eyes. KPMG’s ‘Illicit Trade in Tobacco Report’ is a beast of research, conducting in-person ‘pack-surveys’ (where packets of tobacco, whether to be rolled or already neatly packed into paper, are surveyed to find whether they are legally bought or smuggled, counterfeit […]
Britain’s national debt is on course for £3 trillion this year. Servicing it costs £30 billion a year at 1% interest and £150 billion at 5%, near where long-dated gilts have recently been trading. That’s a number so big it almost becomes meaningless. So, let’s try another way: it’s about the yearly gross pay of […]
The World Cup starts today and for the first time in over 30 years it is being held in North America. Not only is this exciting news for football fans, it should also be of interest to free trade enthusiasts, as the last time it was held there the North American Free Trade Agreement (NAFTA) […]
