The prime minister has hailed a new “golden age” of nuclear power as British and US companies announce five new commercial deals, ahead of the US president’s state visit this week.

The plans include a new nuclear power plant in Hartlepool using latent, potentially cheaper technology and data centres powered by mini reactors in Nottinghamshire.

Officials have been hurrying to coordinate the agreements before President Donald Trump jets in on Tuesday, with the two leaders expected to sign off on multibillion-pound tech deals as well as a revamped agreement to work together on nuclear power.

They hope the new Atlantic Partnership for Advanced Nuclear Energy will speed up notoriously slow nuclear projects in both countries by slashing red tape and aligning safety standards.

Both governments are betting big on nuclear to meet rising electricity demand and AI’s voracious appetite for energy, while Sir Keir Starmer hopes it will boost jobs, growth and manufacturing in former industrial heartlands.

The two leaders will also be hoping the high-profile visit will shake off last week’s scandal over revelations of the ambassador to the US Lord Mandelson’s links with convicted paedophile Jeffrey Epstein, with whom Mr Trump’s own association is being scrutinised.

The jewel of today’s announcements is the plan to replace the outgoing Hartlepool nuclear power plant, which expires in 2028, with a new plant of up to 960MW using new “advanced modular reactor” (AMR) technology.

The AMR designer, US firm X-Energy, signed a Joint Development Agreement with British Gas-owner Centrica to build and fund the fleet, which they said would generate 2,500 construction jobs and maintain hundreds when up and running in the 2030s.

What are advanced modular reactors?

Advanced or small modular reactors (AMR or SMR) are new, small nuclear power plants hoped to be quicker and faster to build than traditional technology, such as that used at the delayed and overbudget Hinkley and Sizewell sites.

Around 80 designs are in development globally and they have long been promised but barely materialised.

Read more: Why the UK has warmed up to nuclear power again

Industry says SMRs are finally about to breakthrough, given governments’ renewed appetite for nuclear power to meet energy security concerns, growing electricity demands and climate targets to phase out polluting fossil fuels.

Why tech giants love new nuclear technology

Tech giants are also hungry for SMRs to power booming AI data centres, which need the kind of clean, steady, 24/7 energy nuclear can provide.

Today EDF announced early-stage plans with US nuclear energy firm Holtec to build data centres powered by SMRs at the former Cottam coal-fired power station in Nottinghamshire. If it goes ahead, it would be worth £11bn and create thousands of jobs during construction.

These new reactors need a type of fuel (High-assay low-enriched uranium or HALEU) that is only available to buy commercially from Russia and China.

Anxious about energy security, the UK government has been funding a company called Urenco to build a HALEU facility in Cheshire.

Urenco has also announced a £4m deal to sell that fuel to the US market, where it is also exploring another manufacturing site.

Two further deals to come out today involve a micro plant to power London Gateway Port and the scouting of sites for nuclear reactors designed by Bill Gates’s Terrapower.

The news has been welcomed by industry and the union Prospect.

Tom Greatrex, chief executive of the UK’s Nuclear Industry Association, said: “These deals are hugely welcome and build on a summer of record government investment in nuclear which is driving an industrial revival, creating thousands of high-value jobs, and strengthening the UK’s energy security.”

But critics warn the new technology will still be expensive and slow, arguing the money should instead pay for renewables, batteries and insulating homes to reduce energy demand in the first place. They also fear Britain’s disposal facilities can’t cope with the nuclear waste.

US promises ‘nuclear renaissance’

Sir Keir said the “landmark UK-US nuclear partnership” would “drive down household bills in the long run, while delivering thousands of good jobs in the short term”.

“Together with the US, we’re building a golden age of nuclear that puts both countries at the forefront of global innovation and investment,” he added.

US energy secretary Chris Wright hailed a “true nuclear renaissance – harnessing the power of commercial nuclear to meet rising energy demand and fuel the AI revolution”.

“Meeting this demand will require strong partnerships with our allies around the world and robust collaboration with private sector innovators,” he said.

“Today’s commercial deals set up a framework to unleash commercial access in both the US and UK, enhancing global energy security, strengthening US energy dominance, and securing nuclear supply chains across the Atlantic.”

Andrew Bowie, shadow energy minister, said: “All these announcements are simply building on the strong legacy left by the previous Conservative government who kick-started the nuclear revolution in the UK.”

Lord Hammond, the former chancellor of the exchequer, is preparing to step down as chairman of Copper, the digital assets group, as it reorients its growth plans away from the UK to the US market.

Sky News has learnt that Copper’s board is in the process of recruiting a successor to Lord Hammond, who served as chancellor during Theresa May’s premiership.

Sources said the process was at an advanced stage and was expected to lead to the appointment of an experienced American finance executive before the end of the year.

Lord Hammond, who took over the chairmanship of Copper in early 2023, is expected to remain a shareholder in the company after he steps down.

He was previously an adviser to its board.

Since leaving government, he has amassed a collection of private sector roles, and is now chairman of Railsr, an embedded finance business.

One insider said he had been actively engaged in the identification of the company’s next chair.

Copper specialises in the provision of digital asset custody and trading technology services to clients.

It counts Barclays and Alan Howard, the co-founder of Brevan Howard Asset Management, a prominent hedge fund, among its investors.

Founded in 2018 and based in London, it employs hundreds of people.

Lord Hammond has been critical of the pace of regulatory reform in the UK amid the rapid evolution of the global cryptocurrency and blockchain sectors.

Last December, it emerged that Copper had abandoned its second bid to register in the UK with the Financial Conduct Authority.

The previous year, its chairman told the Financial Times that Britain was falling behind in a crucial and fast-growing part of the financial services sector.

“Switzerland is further ahead; the EU is also moving faster,” he told the newspaper.

“There has to be appetite to take some measured risk.”

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Copper has not raised a significant round of new funding for several years, and is not thought to have a need to secure additional capital.

The company is now run by Amar Kuchinad, a former Goldman Sachs executive, who replaced its founder, Dmitry Tokarev, in the role.

It recently announced the appointment of Rosie Murphy Williams, who previously worked at the London Stock Exchange and Royal Bank of Scotland, as its chief operating officer.

Earlier this year, it said it had agreed an alliance with Cantor Fitzgerald’s new Bitcoin financing business, underlining the continuing growth of cryptoassets and the businesses which serve them.

Since US President Donald Trump began his second term in the White House, a glut of digital asset companies have rushed to join the public markets, buoyed by a favourable regulatory climate and growing investor interest.

On Sunday, both Lord Hammond and Copper declined to comment.

The UK government has announced more than £1.25bn in private US investment in the UK’s financial services sector ahead of US President Donald Trump’s second state visit.

The new US investments are expected to create 1,800 jobs and boost benefits for millions of customers across the country, the UK government said.

The deal secures £20bn in trade between the two nations – including an expected £7bn commitment from BlackRock, the world’s largest asset manager.

It is set to deliver more than £8bn in investment and capital commitments to the UK, with over £12bn flowing in the other direction – creating jobs and opportunities on both sides.

Other companies expected to invest include PayPal, Bank of America, Citi, and S&P Global.

Bank of America will create up to 1,000 new jobs in Belfast as part of its first-ever operation in Northern Ireland, the government said.

Citi plans to invest £1.1bn across its UK operations, while S&P Global will create 200 permanent jobs in Manchester through a £4m investment.

“Strengthening ties with the US boosts our economy, creates jobs, and secures our role in global finance,” Business and Trade Secretary Peter Kyle said.

“These investments reflect the strength of our enduring ‘golden corridor’ with one of our closest trading partners, ahead of the US Presidential State Visit.”

Chancellor of the Exchequer Rachel Reeves said that the commitment from America’s leading financial institutions “demonstrates the immense potential of the UK economy”, as well as “our strong relationship with the US”.

The UK and US agreed a “landmark” economic deal in May, which secured major tariff reductions for key sectors and protected jobs in the automotive and aerospace sectors.

Discussions are ongoing with the US on a broader UK-US economic deal, aimed at increasing digital trade and strengthening supply chains.

MPs urge pressure on US over tariffs ahead of Trump visit

MPs have urged the government to apply maximum pressure on the US to obtain tariff relief ahead of Donald Trump’s state visit.

The Commons Business and Trade Committee described the upcoming visit as a crucial opportunity to push the US president to finalise the remaining terms of the economic prosperity deal.

While the UK and US reached a trade agreement in June that lowered tariffs on car and aerospace exports to the US, negotiations on British steel tariffs remain unresolved, keeping them at 25%.

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Committee chairman Liam Byrne said the state visit is “no mere pageant”.

“We can’t escape the truth that Britain now trades with its biggest partner on terms that are worse than the past, the EU has in places secured a better edge, and key sectors of our economy still face the peril of new tariffs. That means jobs hang in the balance and investment waits on certainty.”

The committee also called on the government to finalise agreements on aluminium and pharmaceuticals, ensuring that the terms accurately reflect the UK’s supply chain dynamics and its shift toward low-carbon production.

It emphasised that the UK should also use its partnership with the US to strengthen its position against China in areas such as artificial intelligence and defence technology, while also securing more resilient supply chains and improved access to critical minerals.

A government spokesperson said the “special relationship” between the UK and the US “remains strong” and that “thanks to our trade deal, the UK is still the only country to have avoided 50% steel and aluminium tariffs”.

“We will work with the US to implement this landmark deal as soon as possible to give industry the security they need, protect vital jobs, and put more money in people’s pockets,” the government spokesperson said, adding, “as well as welcoming the president on this historic state visit.”