The hidden costs of Chinese money.
The Chinese state visit is about getting their cash to pay for infrastructure investment in the UK. Forget the moral issue about ignoring human right abuse to get that cash, after all it’s not the first time that the UK have conveniently overlooked such issues to get a trade deal.
But business is business, many will say. To be picky about who the country trades with would disadvantage UK Ltd. Needs must.
But it’s not sensible business. The agreement reached so that the Chinese put their cash into finance in part a nuclear power plant at Hinkley point is bad economics.
The official price for building it is £18 billion. Although most nuclear experts have said it will be much higher £24 billion is what they estimate. Whatever the figure what we do know is that the Chinese will get a guaranteed price of £92.50 per megawatt hour – double the usual price. This will be reflected in our energy bills until 2060.
What is being proposed dwarfs every previous PFI scheme. And like every other PFI scheme it’s an expensive way to finance any scheme. Generations will literally be paying the costs for years down the line.
Yet a much smaller subsidy of £9 per-annum on wind and solar power is deemed too much for the poor consumer. It makes little sense.
The same amount that is to be spent on the nuclear project put into developing sustainable energy technology would make the country world leaders in the field. But no it’s not to be.
Even if you agree nuclear energy is needed as part of the country’s future this deal is wrong on so many levels. At a time when we have the lowest interest rates ever why are we putting ourselves in hock to the Chinese and French states.
Even the security services are worried about letting a foreign power build and run such a potentially dangerous industry.
If Volkswagen can put hidden software in cars to cheat emission targets what hidden capabilities could the Chinese build into the nuclear plants’ software?
Our future security is at risk because the Chancellor cannot see the difference between borrowing for revenue and borrowing for investment. He’s quite prepared to sell us all down the river to a foreign power just to satisfy some dubious fiscal targets. Madness.
Let the Tories never again question Corbyn’s patriotism.