UK nuclear industry to get £200m boost due to defense concerns, says Rishi Sunak

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Rishi Sunak to declare 'critical national undertaking' as he unveils £200m investment package aimed at securing the future of Britain's nuclear industry and boosting employment.

The Prime Minister will introduce a new fund backed by £20m a year of public money for the next decade to support the growth of Barrow-in-Furness, the Cumbrian town which is home to British Astute-class submarines and upcoming Dreadnought programme.

Downing Street says the money will provide grants to local organizations and improvements to transport and health projects in the region.

The nuclear industry is expected to require 50% more skilled workers over the next decade, as this becomes more central to the UK's energy and national security.

Prime Minister Rishi Sunak announced nuclear investment amid concerns over government defense spending

(PA Wire)

The move comes amid concerns over the level of UK defense spending, as two serving ministers urged Mr Sunak to increase defense spending to a maximum of at least 2.5% of GDP in the face of escalating Russian aggression and concerns about stability in the Middle East.

There has been no increase in defense spending in the Spring Budget, as Chancellor Jeremy Hunt told MPs: "Our spending will reach 2.5% [of GDP] as soon as economic conditions allow", without detailing how this would happen.

Defense Secretary Grant Shapps also admitted he would like to see “a bigger budget”. " from the current level of just over 2 percent, and called for military spending to be increased to 3 percent...