An additional £2.7bn (€3.2bn, $3.5bn) of taxpayer money has been made available by the UK government as efforts continue to try to secure the critical final investment decision (FID) for the planned Sizewell C nuclear power station in Suffolk, eastern England.

The funding was announced by chancellor Rachel Reeves on 30 October in her first budget since the Labour Party came to power following a July 2024 election.

Reeves’ budget document said: “New nuclear will play an important role in helping the UK achieve energy security and clean power, while securing thousands of good, skilled jobs.”

The £2.7bn of funding will be used to continue Sizewell C’s development through 2025-26.

“The equity and debt raise process for this project will shortly move to its final stages and will conclude in the spring,” the budget document said.