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Chinese Nuclear Power?

26/10/2013

1 Comment

 
It is interesting to see the fuss in some quarters this week following the decision of the government to approve a new nuclear power station using French technology and Chinese money. “How do we feel depending on domestic power controlled by a totalitarian state half way across the world?” the Today presenter asked anyone prepared to offer an opinion.

It is certainly an interesting question. The Industrial Revolution happened in this country not only because there were plenty of clever engineers with ideas and vision, but because capital was available from people who were not afraid to take risks. Many schemes failed and investors lost their money. When the first successful transatlantic telegraph cable was completed in 1866, it had been as a result of the fifth attempt at connecting the USA with Britain. After four unsuccessful attempts, investors had still been found to raise the capital needed for the enterprise.

Even after the banking crisis, (perhaps because of it), the City of London is awash with money looking for investment opportunities. The fact that none of it was forthcoming to invest in future electricity generation in this country can be for only two reasons: the risks were deemed to be too high, and the returns were not regarded as being adequate.

So there is a rather nice symmetry in the Chinese investing their hard-earned cash – much of it having been provided by UK citizens buying Chinese-made goods – back into the UK economy. If that allows the Chinese government to control our future electricity supply and export profits back to themselves, we can hardly complain. If any criticism is due to anyone, surely it should be aimed at the financiers in the City of London for their greed and lack of entrepreneurial spirit.

1 Comment
CR
26/10/2013 07:44:15 am

There's lots that can be said here...it's also interesting that we are happy to rely on two large nationalised concerns but not run our own nationalised power company

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  • Home
  • Books
    • Henry's Trials >
      • Extract from Henry's Trials
    • Smethurst's Luck >
      • Extract from Smethurst's Luck
    • Murder in the Red Barn >
      • Extract from Murder in the Red Barn
    • Reverend Duke and the Amesbury Oliver
  • Talks
    • Talk on Henry's Trials
    • Talk on Smethurst's Luck
    • Talk on Isambard Kingdom Brunel
    • Talk on the Murder in the Red Barn
    • BBC
  • Publications
    • The Amesbury Union Workhouse
    • The Separate System
  • Peter Maggs
  • Shop
  • Blog
  • Family History
    • Mirli
    • BM Creeper >
      • The Significance of Stonehenge
      • Educating Ealing I: How Lady Byron Did It
      • Educating Ealing II: Church of England Primary in the 1920s
      • All Because of Crystal Palace
      • Innocent in Ealing - Extract
      • Miss McDonald