Douglas Carswell

08 MAR 2016

Hinkley Point is Osborne's gold giveaway moment

Gordon Brown's most disastrous deal was selling off our gold reserves for $275 an ounce (it's now worth $1,275 an ounce). George Osborne's Hinkley Point energy deal is turning into his gold giveaway moment.

Osborne announced his plan for a new nuclear plant at Hinkley Point amid much fanfare. The spin made it look great: Chinese money, French know-how, cleaner energy. But as I pointed out at the time, the cost is eye-wateringly high.

When I asked the Energy Minister to confirm that electricity generated at the new plant would be sold at market rates, she told me the plant "must represent value for money." Instead, Osborne's deal locks British taxpayers and consumers into paying at least £89.50/MWh for energy from Hinkley Point – double the current average price.

You would need to be as commercially inept as Gordon Brown not see what a dreadful deal this is. Even EDF, the company that is meant to be building the plant, can see it – in fact their finance director has just resigned because of it.

Osborne should accept that the failure of his plan in good grace, and scrap it.

There is a better approach to energy. Instead of subsidies, we need to set our energy market free. Our policy paper – Securing Britain's Energy Future - points the way.

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