The UK will invest at least 200 million pounds in nuclear deterrent, and Australia will help

U.K. Prime Minister Rishi Sunak will announce plans to invest 200 million pounds ($252 million) in the country’s nuclear deterrent and civilian nuclear industry.

Today Sunak will announce a “national commitment” to secure the future of the nuclear submarine construction and nuclear power sectors, creating 40,000 jobs in the process, the prime minister’s office said Sunday in a statement.

Under the plan, the Government will create a fund for the town of Barrow-in-Furness, in the north of England, to revitalize this town as the center of future nuclear submarine construction and related technology in the U.K. The £20 million fund will aim to prepare the town for this development, with building plans and grants of various kinds to help establish and re-locate companies in the sector.

The government will also work with industry players, including BAE Systems, Rolls-Royce, EDF and Babcock, to invest at least £763 million ($962 million) in skills, jobs and education by 2030, the statement said.

The U.K. nuclear industry is experiencing an “unprecedented period of growth” thanks to the government’s nuclear energy targets and will need 123,000 new workers by 2030, the statement said.

The U.K. nuclear submarine industry is also set to grow in the coming years after the formation of the AUKUS security pact, under which the U.K. and the U.S. assist Australia in acquiring nuclear-powered submarines. The new class of Dreadnought nuclear submarines will substitute Britain’s new strategic deterrence tool

“In a more dangerous and contested world, the UK’s continuous nuclear deterrent at sea is more vital than ever,” Sunak said. “And nuclear power offers consumers cheaper, cleaner, domestically sourced energy.”

“That’s why we are investing in Barrow, the home of the UK’s submarines, and in the jobs and skills of the future of Britain’s thriving nuclear industry. Today we unveil the next generation of our nuclear enterprise, which will keep us safe, ensure energy security and reduce our bills forever.”

Major joint investment

The funds for the renewal of the British fleet will not only come from the U.K. economy, however: AUKUS member Australia has decided to invest 4.6 billion Australian dollars, 2.4 billion pounds, and approximately 2.8 billion euros for the development of the new Rolls Royce nuclear reactors that, at least in theory, should equip future Dreadnought-class submarines.

The problem is that these British reactors were so far behind in development that it was doubtful they would be ready in time for the new submarines. The injection of Australian funds, which should then also become customers of the new strategic assets, should help develop the new propulsion systems.ur bills down for good.”