If EIB funding disappears post-Brexit, new Government safeguards for future foreign investment in critical infrastructure will be important.

The delay was unexpected and allowed the critics of this project time to give full reign to their long list of concerns. A big decision. If this is perceived to be a bench mark as ‘value for money’ then the tidal lagoons might also go ahead. As usual the Guardian’s coverage comes with a huge range of links to enable reader to follow the different arguments.

Guardian coverage –

It has been a long slog, but we got there in the end. After years of planning, work can now finally begin on the country’s first nuclear power station for a generation.

While for some this is a controversial decision, I welcome the government’s go-ahead. At the TUC’s annual congress last week, our theme was “jobs, rights and investment”. Hinkley Point delivers all three.

It will be the largest construction project in the UK, creating 25,000 high-quality jobs and 500 apprenticeships. It will bring in billions of pounds of foreign investment. At a time when our economy is facing uncertainty, it is good for business confidence and proof that Britain is still open for business. And a deal that’s been signed by trade unions and EDF energy will ensure working conditions at Hinkley are among the best and safest in the construction industry.

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Meanwhile, the Government has set out safeguards for future foreign investment in critical infrastructure. The new legal framework, which will include nuclear energy and apply after Hinkley, sets out reforms to the Government’s approach to the ownership and control of critical infrastructure to ensure that the full implications of foreign ownership are scrutinised for the purposes of national security.

This will include a review of the public interest regime in the Enterprise Act 2002 and the introduction of a cross-cutting national security requirement for continuing Government approval of the ownership and control of critical infrastructure.

In future, the British Government will take a special share in all nuclear new build projects.  This will ensure that significant stakes cannot be sold without the Government’s knowledge or consent.

The Office for Nuclear Regulation will be directed to require notice from developers or operators of nuclear sites of any change of ownership or part-ownership. This will allow the Government to advise or direct the ONR to take action to protect national security as a result of a change in ownership.

The changes will bring Britain’s policy framework for the ownership and control of critical infrastructure into line with other major economies. This will allow the UK Government to introduce a consistent approach to considering the national security implications of all significant investments in critical infrastructure, including nuclear energy, in the future.