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House Republicans didnt exactly have a banner year in 2023. They made history for all the wrong reasons. Last January, they presided over the most protracted election for speaker in a century, and nine months later, for good measure, lawmakers ejected their leader, Kevin McCarthy, for the first time ever. Last month, the House expelled one of its own, George Santos, for only the sixth time.

The rest of the year wasnt any more productive. Thanks in part to Republican discord, the House passed fewer bills that became laws than any other year in decades. And for the few important measures that did pass, GOP leaders had to rely on Democrats to bail them out.

Republican lawmakers have responded by quitting in droves. After the House spent much of October fighting over whom to elect as speaker, November saw more retirement announcements than any single month in more than a decade. Some members arent even waiting for their term to end. McCarthy resigned last week, depriving the party that fired him of both his experience and, more crucially, his vote. Representative Bill Johnson of Ohio, a Republican, and Brian Higgins of New York, a Democrat, are each leaving for new jobs in the next several weeks. (Santos would have stuck around, but his colleagues had other ideas.)

Read: George Santos was finally too much for Republicans

A roughly equal number of members from each party plan to forgo reelection this year. But the most powerful departing lawmakers are Republicans: The chair of the House Appropriations Committee, Representative Kay Granger of Texas, is leaving after a quarter century in Congress, and the head of the Financial Services Committee, Representative Patrick McHenry of North Carolina, will end his 20-year House career next year.

Still, some Republicans are leaving after just a few years in Congress, including Representatives Victoria Spartz of Indiana and Debbie Lesko of Arizona, both former state legislators. For them, serving in Congress simply isnt all its cracked up to benot when your party cant seem to figure out how to govern. People dont engage with each other, Lesko told me. They just make speeches.

Here are the stories of four Republicans who are calling it quits at different stages of their career: McHenry, a onetime rabble-rouser who became a party insider; Brad Wenstrup, an Army podiatrist whose House tenure spanned from the Tea Party to Donald Trump; Spartz, a conservative with an impulsive streak; and Lesko, a Trump loyalist who never quite found her way in Washington. Taken together, their departures reflect the rising frustrations within a Republican Party that has floundered in the year since it assumed power in the Housea year in which it has spent more time fighting than governing.

Debbie Lesko

On October 17, after House Republicans had just tanked their third choice for speaker, Representative Debbie Lesko finally decided shed had enough: She wouldnt be seeking reelection. The 65-year-old grandmother of five had been planning to stay for one more term, but the ouster of Kevin McCarthy and the weeks of chaos that followed changed her mind. It kind of put me over the top, Lesko told me.

Lesko had higher hopes for Congress back in 2018, when she won a special election to represent a safely Republican seat north of Phoenix. Perhaps I was naive, she conceded. Lesko prioritized border security during her first campaign and managed to get one border-related bill signed into law while Trump was president and Republicans controlled the House in 2018, but her legislative goals have fallen short since then. In the Arizona state legislature, she had served in the leadership and chaired two powerful committees. I was used to getting things done in a bipartisan fashion, Lesko said. The House proved to be far more difficult terrain. As a Trump ally, Lesko found few willing Democratic partners after the GOP lost control first of the House majority in 2018 and then of the presidency in 2020.

In Arizona, Lesko said, lawmakers actually debated bills and amendments on the floor of the House and Senate; in Washington, by contrast, members just deliver speeches written for them by their young staff. We dont listen to each other, Lesko lamented. We just go in and read a statement. She bemoaned the lack of civility and the hurling of personal insults between members in both parties. (When I asked if Trump had contributed to the incivility, she said, I would prefer he not attack people personally, but he does a great job.)

Lesko told me she enjoyed most the days she spent interacting with constituents back home, but over six years, they could not make up for the family time she gave up on cross-country flights and on fundraising. If I felt we were getting a whole lot accomplished, I would sacrifice it, she said. Instead, Republicans spent a week in January 2023 fighting over their speaker and then did it all over again in October. That certainly didnt make me feel like I wanted to stay, she told me.

Patrick McHenry

Representative Patrick McHenry introduced himself to much of America last year as a very frustrated man. The North Carolina Republican opened his unlikely stint as House speaker pro tempore with a memorable slam of the gavela brief eruption of anger aimed at the rump group of Republicans who had dethroned his ally, Speaker Kevin McCarthy.

Read: We put sharp knives in the hands of children

When McHenry arrived in Congress nearly two decades ago, he might have counted as one of the renegades. He was a brash 29-year-old who liked nothing more than to pick fights with Democrats on cable news. After his first term, however, McHenry began to shift his strategy and redraw his image. He wanted to become a serious legislator, capable of using influence in Congress to affect public policy. I realized that my actions were not enabling my goal, so I changed how I operated, he told me. He became less of a partisan brawler and more of an inside player, studying the institution and how leaders in both parties wielded power. My early years in Congress were like graduate school, McHenry said.

McHenry is leaving with a reputation as a widely respected if not-quite-elder statesman (hes only 48). He serves as the chair of the Financial Services Committee and acted as one of the GOPs top negotiators of perhaps the most significant bill to come out of Congress last year, the Fiscal Responsibility Act, which prevented a debt default and ordered modest budget cuts. McHenry is retiring in part because he has to give up the committee gavel he so enjoys; Republican term limits allow most members to hold top committee posts for up to six years.

He also passed up a bid for a more permanent promotion. At one point in October, some of the same Democrats who had chafed at McHenrys bombast as a young lawmaker were open to the idea of him serving as speaker. McHenry told me hed wanted to be speaker earlier in his career, but not anymore. He refused entreaties to seek election as speaker or even to use his temporary position to try to pass legislation. It would have been to the institutions detriment and, frankly, even to mine, he told me. So I decided the best course of action is to want for nothing during that time period, and that meant resisting the opportunity to use power.

When McHenry announced his retirement from the House two months later, he insisted that he was departing with none of the bitterness people might assume he carried. I truly feel this institution is on the verge of the next great turn, he said in his statement. When I asked him what gave him hope, he tried to put a positive spin on the dysfunction and disenchantment that have plagued Congress for years. The operations of the House have been under severe pressure for a while, McHenry said. We have an institution that is struggling to perform in the current political environment. He then made a prediction: Therell be significant changes that will happen in the coming congresses to make the place work.

He wont be around to see them. The GOPs term limits for committee leaders is n often-underappreciated reason for turnover in the partys House ranks, but McHenry declined to seek a waiver so he could stay atop the Financial Services Committee. Im going to honor our rules, he said. He hasnt decided what comes next: This chapter is closing, and Ive got another chapter ahead of me.

Brad Wenstrup

This much is clear: Representative Brad Wenstrup is not leaving the House out of frustration with Washington gridlock. I reject the notion that this has been a do-nothing House of Representatives, he told me. Wenstrup proceeded to read from a list that he said ran to 20 pages of bills that the narrow Republican majority had advanced through the lower chamber of Congress over the past year. Most of these measures are gathering dust in the Democratic-controlled Senate, but the fact that a onetime outsider like Wenstrup would be defending an embattled institution so fervently is itself something of a revelation.

Wenstrup won election to the House a decade ago as a Tea Partybacked insurgent, having defeated an incumbent Republican in a surprising 2012 primary challenge from the right. Hell leave next year as a leadership loyalist, positioned in the ideological center of a GOP conference that has grown decidedly more conservative in the past decade. He voted for the debt-ceiling deal in June, despite having criticized his first Republican opponent during their campaign for backing a similar bipartisan agreement. Am I a conservative? Yes, he said. Did I try to advance common sense? Yes. Did I try to establish myself as a statesman? Yes.

Read: We used to be called moderate. We are not moderate.

Wenstrup has become an institutionalist in other ways too. His biggest complainta common one among small-government conservativesis that federal agencies have taken too much power from Congress, evading proper oversight and interpreting laws beyond the intent of the legislators who wrote them. We have to bring back Schoolhouse Rock, Wenstrup said, recalling the cartoon that taught a generation of Americans a somewhat-idealized version of legislative sausage-making. A bill on Capitol Hill gets signed by the president. Thats the law. Agencies dont get to change it.

An Iraq War veteran who served as a combat surgeon, Wenstrup, 65, started his family later than most and has two young children in Ohio. He told me he had decided that this term would be his last in the House before any of the speaker tumult of the past year: I decided that I wanted to make sure that I raised my kids, not someone else.

Victoria Spartz

Good luck trying to predict Representative Victoria Spartzs next move. The Indiana conservative is leaving Congress next year after just two termsassuming she sticks with her plan.

That hasnt always been the case during Spartzs short tenure in the House. She is fiercely protective of her options, and she has made her name by going her own way. At one point this fall, she threatened to resign her seat if Congress did not create a commission to tackle the federal debt. I cannot save this Republic alone, she said at the time. (Congress has created no such commission, but Spartz isnt leaving quite yet.)

Spartz, 45, is the only Ukrainian-born member of Congress, and she assumed a prominent role in the GOP after Russias invasion in 2022. Her nuanced position on the conflict has defied easy characterization. While cheering for Ukraines victory, she sharply criticized its prime minister, Volodymyr Zelensky, at a time when much of the West was rallying to his side. Spartz has accused Zelensky of playing politics and theater and demanded an investigation of one of his top aides. When members of the House Foreign Affairs Committee traveled to Ukraine on an official visit without hershe doesnt serve on the panelSpartz paid her own way and crashed the trip. She supports more U.S. aid to Ukraine, but not without conditions, and she believes that the funding must be more targeted toward heavy military equipment rather than humanitarian assistance. Ukraine must win this war, she told me, but wars are won with weapons, and we need to be much faster, much tougher, and better.

Spartz again proved to be a wild card during the Houses recurring struggles over picking a speaker. During the 15 rounds of balloting last January, she supported Kevin McCarthy on the first three turns, then voted present eight times before returning to McCarthy for the final four rounds. In October, she voted with McCarthys critics to bring up a resolution to oust him as speaker, but on the climactic vote, she stuck with McCarthy. Kevin wasnt a bad guy. He just didnt like to govern, Spartz said.

Midway through Spartzs first term, Politico reported on high staff turnover in her congressional office, quoting former aides who described Spartz as a quick-tempered boss who frequently yelled at and belittled her underlings. Spartz made no effort to deny the accounts, telling Politico that her style was not for everyone. After winning a second term that fall, however, Spartz quickly announced that she would not seek office in 2024forgoing both a third bid for the House and open statewide races for governor and Senate in Indiana.

Her departure, she insisted to me, represents a break from politics, and not a retirement. Sometimes its good to take some time off, Spartz said. She denied that any of the drama of the past two yearsthe war in Ukraine, the speaker fights, criticism of her managementcontributed to her decision to leave. Her children are now teenagers, Spartz said, and she wants to spend more time with them.

Still, Spartz doesnt quite seem at peace with her plans. Given her past shifts, I asked if she still might change her mind and run again. She wouldnt, she said, but with a caveat: Unless I get real upset!

Given the volatility of the past year in Congress, thats a threat it would be wise not to ignore.

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Piers Morgan’s Uncensored nears £100m valuation after stake sale

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Piers Morgan's Uncensored nears £100m valuation after stake sale

Piers Morgan, the broadcaster and journalist, is raising tens of millions of dollars of funding from heavyweight investors as he seeks to turn Uncensored, his YouTube-based venture, into a broad-based global media business.

Sky News can exclusively reveal that Mr Morgan is in the process of finalising a roughly $30m (£22.5m) fundraising for Uncensored that will give it a pre-money valuation of about $130m (£97m).

The new investors are understood to include The Raine Group, the New York-based merchant bank, and Theo Kyriakou, the media mogul behind Greece’s Antenna Group, owner of a stake in London-based digital venture The News Movement.

Michael Kassan, a marketing veteran, is understood to be advising the business on advertising-related matters and may also invest in a personal capacity, according to insiders.

A number of family offices from around the world are also said to be in talks to become shareholders in Uncensored.

Joe Ravitch, the prominent American banker and Raine co-founder who has advised in recent years on the sale of Chelsea and Manchester United football clubs, is said to be joining the Uncensored board as part of the capital-raising.

The move comes nearly a year after Mr Morgan announced his departure from Rupert Murdoch’s British empire through a deal which handed him full control and ownership of his Uncensored YouTube channel.

More on Piers Morgan

Allies of Mr Morgan said this weekend that some details of the fundraising were likely to be confirmed publicly in the coming days.

While the size of his personal stake in the business was unclear this weekend, insiders said the crystallisation of a $130m valuation would mean that Mr Morgan’s economic interest was, on paper, worth tens of millions of pounds.

“The ambition is to grow this into a billion dollar company within a few years,” said one person close to the discussions with investors.

“With the scale of audiences now being driven to digital channels and the commercial opportunities there, that is definitely achievable.”

The former Mirror editor, whose career has also encompassed stints at ITV, with CNN in the US and Mr Murdoch’s global media conglomerates News Corporation and Fox, is now drawing up plans to transform Uncensored into a more diverse digital media group.

This is expected to include the launch of a series of ‘verticals’ attached to the Uncensored brand, including channels dedicated to subjects such as history, sport and technology.

Mr Morgan is already said to be in talks with prominent figures to spearhead some of these new strands, with a chief executive also expected to be recruited to drive the growth of the overall Uncensored business.

His appetite to establish a YouTube-based global media network has been driven by the scale of the global audiences he has drawn to some of his recent work, including interviews with the footballer Cristiano Ronaldo and the former world tennis number one Novak Djokovic.

Piers Morgan interviewed Ronaldo. Pic: Reuters
Image:
Piers Morgan interviewed Ronaldo. Pic: Reuters

Both of those athletes have collaborated with Mr Morgan by posting parts of their exchanges on social media platforms, attracting hundreds of millions of views.

Mr Morgan’s access to President Donald Trump, whom he has interviewed on several occasions, is also likely to be a factor in the timing of Uncensored’s expansion strategy.

While many ‘legacy’ news and media networks remain hamstrung by inflated cost bases, Mr Morgan’s decision to go it alone and focus on developing the Uncensored brand reflects his belief that the news and media industries are ripe for disintermediation by channels tied to prominent, and sometimes controversial, individual journalists and presenters.

The Piers Morgan Uncensored YouTube channel has 4.3 million subscribers, roughly half of whom are from the US.

Of the remaining 50%, however, only a minority are British, with a significant number based in the Middle East, South Africa and parts of Asia.

Novak Djokovic at Flushing Meadows. Pic: AP
Image:
Novak Djokovic at Flushing Meadows. Pic: AP

This has fuelled Mr Morgan’s view that there is journalistic and commercial mileage in creating content on issues which historically might have struggled to generate a significant international audience – such as ongoing military and political tension between India and Pakistan, and the white farmer ‘genocide’ furore in South Africa.

Under the deal he struck with Mr Murdoch in January this year, Mr Morgan has a four-year revenue-sharing agreement that involves News UK receiving a slice of the advertising revenue generated by Piers Morgan Uncensored until 2029.

Mr Morgan had returned to Mr Murdoch’s media empire in January 2022 with a three-year agreement that included writing regular columns for The Sun and New York Post, as well as presenting shows on the company’s now-folded television channel, Talk TV.

He also recently released a book, Woke Is Dead, which was published by Mr Murdoch’s books subsidiary, Harper Collins.

As part of his new arrangements, Mr Morgan also signed a deal with Red Seat Ventures, a US-based agency which partners with prominent media figures and influencers to help them exploit commercial opportunities through sponsorship and other revenue streams.

Among those Red Seat has worked with are Megyn Kelly, the American commentator, and Tucker Carlson, the former Fox News presenter.

While many well-known American news media figures are followed because of their partisanship and affiliations to either the political left or right, Mr Morgan has positioned himself as a ‘ringmaster’ who is not ideologically hidebound.

His plans come at a time of continuing upheaval in the global media industry, with Netflix agreeing a landmark $83bn deal this week to buy the Hollywood studio Warner Bros.

In the UK, Sky, the Comcast-owned immediate parent company of Sky News, is in talks to acquire ITV’s broadcasting business, while the Daily Telegraph newspaper could soon find itself as a stablemate of the Daily Mail if a proposed £500m deal is successful.

Meanwhile, Reach, the London-listed newspaper publisher which owns the Daily Express and the Daily Mirror, now has a market valuation of just £176m – less than double that of Mr Morgan’s new standalone digital media company.

When Sky News revealed Mr Morgan’s move to separate from News UK earlier this year, he said: “Owning the [Uncensored] brand allows my team and I the freedom to focus exclusively on building Uncensored into a standalone business, editorially and commercially, and in time, widening it from just me and my content.

“It’s clear from the… US election that YouTube is an increasingly powerful and influential media platform, and Uncensored is one of the fastest-growing shows on it in the world.

“I’m very excited about the potential for Uncensored.”

This weekend, he added: “I am very excited that some of the most experienced and successful players in the global media industry, like Joe, Michael and Theo, share my ambitious vision for Uncensored.

“This is the future of modern media.”

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White House: Europe ‘unrecognisable in 20 years or less’

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White House: Europe 'unrecognisable in 20 years or less'

President Trump’s “America First” agenda has been spelt out in a new White House National Security Strategy that should make stark reading for allies and foes of the United States alike.

The new 33-page document outlines an upending of American foreign policy objectives and priorities which have stood largely unchanged through different administrations stretching back decades.

The document says American strategy went “astray” over many years. It seeks to reframe America’s strategic interests as being far narrower now than at any time in its modern history.

Among the key points, the document says:

Europe faces “civilizational erasure” and could be “unrecognisable in 20 years or less”

• “Certain NATO members will become majority non-European” within a few decades

•​​​​​​​ America will “shift away” from the “burden” of the Middle East seeing it now as a “source and destination of international investment”

•​​​​​​​ In the Western hemisphere, America should pursue a policy of “enlist and expand… restoring American pre-eminence”

•​​​​​​​ In Africa, American policy focus should be on trade not “providing and spreading liberal ideology”

America will 'shift away' from the 'burden' of the Middle East. Pic: Reuters
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America will ‘shift away’ from the ‘burden’ of the Middle East. Pic: Reuters

In black-and-white, the text articulates a dramatic strategic shift which has been playing out at lightning speed over the past year.

The document underlines the end of the concept of America as an arbiter of the democratic rules-based order.

“American foreign policy elites convinced themselves that permanent American domination of the entire world was in the best interests of our country. Yet the affairs of other countries are our concern only if their activities directly threaten our interests,” the paper says.

Every US administration publishes at least one National Security Strategy during a presidential term.

The focus of this one is starkly different from that published by President Biden in 2022.

It’s also notably different from the document which President Trump published during his first term. His 2017 paper cast the world as a contest between “repressive regimes” and “free societies”.

Trump doesn't want the US to be the arbiter of the democratic rules-based order. Pic: Reuters
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Trump doesn’t want the US to be the arbiter of the democratic rules-based order. Pic: Reuters

This new one places the necessity to do trade above the imposition of values.

“We seek good relations and peaceful commercial relations with the nations of the world without imposing on them democratic or other social change that differs widely from their traditions and histories.”

Mass migration and Europe

The new document is highly critical of mass migration.

It warns that uncontrolled migration is destroying the concept of nation states which could impact America’s strategic alliances and the countries it counts as reliable allies.

The paper is particularly critical of Europe, of the European Union as a concept and of individual European nations.

“Should present trends continue, the continent will be unrecognizable in 20 years or less,” the paper says.

It continues: “As such, it is far from obvious whether certain European countries will have economies and militaries strong enough to remain reliable allies.

“Many of these nations are currently doubling down on their present path. We want Europe to remain European, to regain its civilizational self-confidence, and to abandon its failed focus on regulatory suffocation.”

Trump will seek to support 'patriotic European parties'. Pic: AP
Image:
Trump will seek to support ‘patriotic European parties’. Pic: AP

The document’s language around the politics of governing parties across Europe is particularly stark.

Regarding Ukraine, the document says: “The Trump Administration finds itself at odds with European officials who hold unrealistic expectations for the war perched in unstable minority governments, many of which trample on basic principles of democracy to suppress opposition.

“A large European majority wants peace, yet that desire is not translated into policy, in large measure because of those government’s subversion of democratic processes.”

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The document outlines how his administration will seek to support “patriotic European parties”.

This is entirely in line with President Trump’s rhetoric but still represents a major departure from the longstanding principle of not interfering in the politics of allies.

It says: “American diplomacy should continue to stand up for genuine democracy, freedom of expression, and unapologetic celebrations of European nations’ individual character and history.

“America encourages its political allies in Europe to promote this revival of spirit, and the growing influence of patriotic European parties indeed gives cause for great optimism.”

Trump has at times had a fiery relationship with Ukraine's President Zelenskyy. Pic: Reuters
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Trump has at times had a fiery relationship with Ukraine’s President Zelenskyy. Pic: Reuters

Ukraine and Russia

On European-Russia relations, the document raises the prospect of war but curiously does not presume that such a conflict would involve America.

“Managing European relations with Russia will require significant US diplomatic engagement, both to reestablish conditions of strategic stability across the Eurasian landmass, and to mitigate the risk of conflict between Russia and European states.”

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By contrast, President Biden’s National Security Strategy, published in 2022, underlined repeatedly the “iron-clad” commitment the United States had to Europe’s security.

Chinese risk and opportunity

The document presents Asia and the Indo-Pacific region as a source of opportunity for strategic and economic cooperation.

Maintaining US military strength over China is also outlined. Pic: Reuters
Image:
Maintaining US military strength over China is also outlined. Pic: Reuters

“President Trump is building alliances and strengthening partnerships in the Indo-Pacific that will be the bedrock of security and prosperity long into the future…”

And specifically on China, the paper presents a goal of “economic vitality” achieved through a balanced economic relationship between the two countries combined with an “ongoing focus on deterrence to prevent war”.

Deterrence would be achieved, it outlines, by maintaining preeminent military strength over China.

It says: “This combined approach can become a virtuous cycle as strong American deterrence opens up space for more disciplined economic action, while more disciplined economic action leads to greater American resources to sustain deterrence in the long term.”

Hemispheres of influence

In line with President Trump’s focus on spheres of influence, particular focus is given to the western hemisphere.

There are clear references to the impact of drugs from south and central America into the US and more subtle references to control of the arctic.

“The United States will reassert and enforce the Monroe Doctrine to restore American pre-eminence in the Western Hemisphere, and to protect our homeland and our access to key geographies throughout the region,” the paper says.

It continues: “We will deny non-Hemispheric competitors the ability to position forces or other threatening capabilities, or to own or control strategically vital assets, in our hemisphere.”

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Environment

The UK wants to unlock a ‘golden age of nuclear’ but faces key challenges in reviving historic lead

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The UK wants to unlock a 'golden age of nuclear' but faces key challenges in reviving historic lead

The Sizewell A and B nuclear power stations, operated by Electricite de France SA (EDF), in Sizewell, UK, on Friday, Jan. 26, 2024. Photographer: Chris Ratcliffe/Bloomberg via Getty Images

Bloomberg | Bloomberg | Getty Images

The U.K. was the birthplace of commercial nuclear energy, but now generates just a fraction of its power from it — big investments are underway to change that.

The country once had more nuclear power stations than the U.S., USSR and France — combined. It was a global producer until 1970 but hasn’t completed a new reactor since Sizewell B in 1995.

Today, the country takes the crown not for being a leader in atomic energy, but for being the most expensive place in the world to build nuclear projects.

Nuclear energy accounted for just 14% of the U.K.’s power supply in 2023, according to the most recent data from the International Energy Agency, trailing its European peers and well behind frontrunner France at 65%.

There is ambition to change that and have a quarter of the U.K.’s power come from nuclear by 2050. Nuclear is considered an attractive bet gas it’s a low-carbon, constant energy source that can act as a baseload to complement intermittent sources like renewables.

“There’s a very clear momentum that has been observed,” Doreen Abeysundra, founder of consultancy Fresco Cleantech, told CNBC. It’s in part due to geopolitical tensions, which pushed energy security and independence onto public agendas.

However, the U.K.’s Nuclear Regulatory Taskforce called for urgent reforms after identifying “systemic failures” in the country’s nuclear framework. It found that fragmented regulation, flawed legislation and weak incentives led the U.K. to fall behind as a nuclear powerhouse. The government committed to implementing the taskforce’s guidance and is expected to present a plan to do so within three months.  

Going big – or small  

The U.K. is spreading its bets across tried-and-tested large nuclear projects and smaller, next-generation reactors known as small module reactors (SMRs). 

British company Rolls-Royce has been selected as the country’s preferred partner for SMRs, which are effectively containerized nuclear reactors designed to be manufactured in a factory. Many include passive cooling techniques, which supporters argue makes them safer and cheaper.

Nuclear has long come under fire by environmentalists due to radioactive waste and disasters like Chernobyl. Indeed, the U.K.’s first commercial plant Windscale became its worst nuclear accident in history when it melted down in 1957.

On October 10, 1957, Windscale became the site of the worst nuclear accident in British history, and the worst in the world until Three Mile Island 22 years later. A facility had been built there to produce plutonium, but when the US successfully designed a nuclear bomb that used tritium, the facility was used to produce it for the UK. However, this required running the reactor at a higher temperature than its design could sustain, and it eventually caught fire. Operators at first worried that e

Photo: George Freston | Hulton Archive | Getty Images

Most SMRs use light water reactor technology – think of the planned large-scale nuclear plant Sizewell C, just “shrunk down,” said Abeysundra – which is tried and tested.

Other designs, known as “advanced” reactors, are more experimental. For example, those that change the cooling solution or solvent, which is typically used in the process of separating and purifying nuclear materials. 

The U.K.’s first SMR will be at Wylfa, in Wales, though no timeline has been given for its completion. The site will house three SMRs and grow over time. 

In September, the country signed a deal with the U.S. to enable stronger commercial ties on nuclear power and streamline licensing for firms that want to build on the opposite side of the Atlantic. 

However, “the first thing is, there is not, at the moment, a single SMR actively producing electricity under four revenues. They will all come at best in the 30s,” Ludovico Cappelli, portfolio manager of Listed Infrastructure at Van Lanschot Kempen, told CNBC. 

While SMRs are a “game changer” thanks to their ability to power individual factories or small towns, their days of commercial operation are too far away, he said. From an investment standpoint, “that is still a bit scary,” he added. 

To secure the large baseloads needed to offset the intermittency of renewables, “we’re still looking at big power stations,” added Paul Jackson, Invesco’s EMEA global market strategist.  

Nuclear share of total electricity (2023)

IEA

SMRs “probably” do have a role — “they can clearly be more nimble” — but it will take time to roll them out, Jackson said, casting doubt on the U.K.’s ability to be a leader in nuclear, as France and China are already miles ahead.

The U.K. government body Great British Energy-Nuclear is set to identify sites for an additional large-scale plant, having already acquired one in Gloucestershire, in the west of England, as well as the site in Wales. 

“We are reversing a legacy of no new nuclear power being delivered to unlock a golden age of nuclear, securing thousands of good, skilled jobs and billions in investment,” a spokesperson for the U.K. government’s Department for Energy Security and Net Zero told CNBC.

“Sizewell C will deliver clean electricity for the equivalent of six million of today’s households for at least six decades, and the UK’s first small modular reactors at Wylfa will power the equivalent of three million homes, bringing energy security,” they added.

Innovation in funding  

The U.K. has a strong legacy to build on. It pioneered fresh funding mechanisms to make large-scale nuclear projects investible so that they are less reliant on direct government funding, such as a Contract for Differences, which was used for Hinkley Point C.

The mechanism guarantees a fixed price for the electricity generated over a long period of time in order to de-risk investments in an industry that’s known for running over time and budget. Hinkley Point C was initially expected to cost £18 billion (over $24 billion) but the bill has slowly crept up.  

“That fixes one part of the equation, the price risk,” Cappelli said of nuclear investments, but the second risk is construction delays.  

The Regulated Asset Base (RAB), first used for nuclear at Sizewell C, attempts to reconcile this. Investors get paid from the day they cut a check for a nuclear project, rather than the day it starts operating. Sizewell C is expected to cost £38 billion to build. 

Private market investors are increasingly interested in next-generation nuclear as a way to offset soaring energy demands from AI, resulting in a host of young companies trying to build out facilities. Perhaps the most famous is Oklo, a U.S. firm that was taken public by a Special Purpose Acquisition Company (SPAC) founded by OpenAI’s Sam Altman.

Rendering of a proposed Oklo commercial advanced fission power plant in the U.S.

Courtesy: Oklo Inc.

The next generation of engineers  

The U.K. faces challenges in access to relevant talent, which is crucial for scaling projects effectively. The country is heralded for its world-class universities and technical know-how, “but that is very much book knowledge,” said Van Lanschot Kempen’s Cappelli.  

“What we need is real on-the-ground expertise, and that we are probably lacking for the simple reason that we haven’t been doing it for a very long time,” he said.

For Abeysundra, there’s one area where the U.K. stands out: its mindset. “There is so much knowledge, innovation, and that can-do attitude, which I don’t see as much in other nations,” she said, pointing to the U.K.’s trailblazing role in the Industrial Revolution and establishment of offshore wind energy. 

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The U.K. government positioned nuclear energy as a key element of the future clean energy workforce in its Clean Energy Jobs Plan released in October, while its national roadmap for nuclear skills, set out in 2024, focuses on apprenticeships, PhDs and upskilling mid-career workers. Industry-led initiatives such as the Energy Skills Passport also support the likes of oil and gas workers to gain green skills.

Securing the supply chain  

Perhaps the toughest issue, however, is the supply chain.  

Uranium, the fuel used to make a nuclear reaction, is dominated by just four countries, including Russia. Global demand for uranium could rise by nearly a third by 2030 and more than double by 2040, according to the World Nuclear Association, adding further reliance on a select few countries and pressure on developers.  

The U.K. government has allocated funding to build up the supply chain and has committed to preventing the import of nuclear fuel from Russia by 2028. Fuel for Sizewell C will come from European or “Western suppliers,” Cappelli noted. 

However, for him, it poses the question: How secure is nuclear energy really? “We have to build nuclear power plants, but we need to build the value chain,” Cappelli added. 

Workers, expertise and funding are required for nuclear energy, but the supply chain is also key, he said. Otherwise, there will be “the same issues that we had with gas,” a nod to the U.K.’s reliance on just one supplier. Instead of gas, it will be with uranium. 

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