The government has today confirmed its investment in a new nuclear power station at Sizewell in Suffolk.

Following intentions set out in the Autumn Statement, the government has said it will become a 50% shareholder in the project’s development with EDF – both are committed to working together to raise capital investment.

The government has hailed the investment in Sizewell C as the “biggest step” on the journey towards energy independence.

The move marks the first direct government investment in a new nuclear power project since Sizewell B, which was approved for construction in 1987.

Ministers have also confirmed a plan to set up Great British Nuclear, a body aiming to develop the framework for a pipeline of new builds.

Business and Energy Secretary Grant Shapps said: “Global gas prices are at record highs, caused by Putin’s illegal march on Ukraine.

“Today’s historic deal giving government backing to Sizewell C’s development is crucial to this, moving us towards greater energy independence and away from the risks that reliance on volatile global energy markets for our supply comes with.”

Chancellor of the Exchequer Jeremy Hunt said: “Today’s investment in Sizewell C represents the biggest step on our journey to energy independence – the first state backing for a nuclear project in over 30 years.

“Once complete, this mega project will power millions of homes with clean, affordable, homegrown energy for decades to come.”