Osborne hails UK nuclear deal with China

Chinese companies will be allowed to take a stake in British nuclear power plants, Chancellor George Osborne announced today.

On his visit to China’s Taishan Nuclear Power plant in Guangdong, southern China, Osborne said: “Today is another demonstration of the next big step in the relationship between Britain and China – the world’s oldest civil nuclear power and the world’s fastest-growing civil nuclear power.”

The deal reportedly means that the Hinkley Point nuclear power plant in Somerset will be a “mirror image” of the Taishan plant in China.

Last month, Chinese investors decided to pump £800m for Manchester’s new airport and a Chinese billionaire announced a £500m investment to rebuild Crystal Palace.

The Chinese sovereign wealth fund also owns an 8.68% in Thames Water and owns 10% of Heathrow.

For what else China owns in the UK, Read our feature, How China bought Britain.