This is economic insanity

Reading Amber Rudd’s eulogy on the nuclear reactor deal with China in your October 30 issue, I thought it would be helpful to add a couple of points which she forgot to mention.
By The Newsroom
Published 13th Nov 2015, 17:15 BST

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Firstly that the design technology proposed for the new Chinese-financed reactor at Hinkley is already considered outdated by the French company EDF which is building it, and has been abandoned by the French themselves.

Secondly, that the corporate investors in the Hinkley project (French and Chinese: there are no British investors) have been promised a return for their money on the eventual output amounting to more than twice the actual current price of electricity, for 35 years into the future – out of taxpayers’ money of course.

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And that is in addition to the £2bn bribe our government promised China for coming in on the deal in the first place.

(Deficit? What deficit?)

Of course this is economic insanity, but in reality this has nothing to do with economics, and everything to do with the British government’s rather embarrassing determination to abase itself before China as abjectly as possible no matter what the cost.

Peter Bolwell

Priory Close

Hastings

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Related topics:ChinaReadingEDF