Your commercial news round-up: nuclear energy, green jobs, US beef, Blackpool pier

Reading time: three minutes

Have you been staying up to date with the commercial news this week? In energy news, the UK government has struck a new deal to fund nuclear project Sizewell C and unions have called on the Labour government to create more jobs in the green energy sector. Meanwhile, the Australian government has lifted restrictions on US beef imports and Blackpool’s North Pier is up for sale amid a decline in tourism.

• The UK government has struck a £38 billion deal with private investors to back large-scale Suffolk-based nuclear project Sizewell C, taking a 44.9% stake in the project. The deal, which will be paid for through taxes and energy bills, will bring together investment from the UK government, French state-owned Sizewell C developer EDF and British Gas parent company Centrica, alongside other investors. The plant is expected to begin operations in the mid to late 2030s and will generate enough low-carbon electricity to power six million homes across the UK. From winter, households will pay £1 a month for every billpayer until the project is complete – a funding mechanism that protects the project’s investors from delays and cost overruns. The costs for the project have more than doubled since its initial stages, much like other UK nuclear project Hinkley Point C, where costs have grown from an estimated £18 billion to £46 billion during the construction period.

Read this Wrestle with PESTLE article to find out more about Hinkley Point C and the development of nuclear power in the UK.

• Meanwhile, two major unions have called for the Labour government to create more green jobs to avoid losing voters. Unions GMB and Prospect, which represent energy workers, warned that, without more concrete progress, public backing for the clean energy transition could weaken. General secretary of Prospect, Mike Clancy, stated: “This research shows that people aren’t yet seeing those jobs materialise, and if this continues then it will undermine support for the transition and drive people towards parties who oppose it and would put the future of the industry at risk.” A YouGov survey commissioned by the unions showed that only 30% of voters think the energy transition will have a positive effect on job opportunities. Therefore, GMB’s Climate Jobs UK campaign group will focus on ensuring that job creation is at the heart of the decarbonisation agenda.
   
• The Australian government has announced plans to lift restrictions on US beef imports, which had effectively been banned from entering the country. The US government cited the restrictions when it imposed tariffs on Australia in April. However, the Australian government has denied any link between the policy change and the tariffs, stating that the decision follows a decade-long review that found that the US has significantly improved its safety measures. Australia's Agriculture Minister Julie Collins stated: “This decision has been purely based on science.” For example, the US has recently introduced better cattle tracing protocols, which allows authorities to track where they have been raised and respond quickly to disease outbreak.
   
• The historic North Pier in Blackpool, the UK’s sixth oldest, has been listed for sale, highlighting ongoing challenges in the town’s tourism sector. The sale of the grade two-listed pier, which was bought by Peter Sedgwick for around £8 million 14 years ago, is being managed by the Blackpool Pier Company, which also owns the Central and South Piers. The company cited the challenges of recent years, including the impact of the covid-19 pandemic and rising operational costs, as reasons for the sale. The move follows broader financial pressures in Blackpool’s leisure industry, including losses at Blackpool Pleasure Beach, which is cutting rides and staff due to inflation and the cost-of-living crisis.

Check the News every Thursday for this weekly commercial news round-up. Prefer to listen to your commercial news? Why not check out our Commercial Connect podcast?

Follow LawCareers.Net on X, LinkedIn, and Instagram for regular business news updates. 

This article has been created with the assistance of Copilot.