UK launches competition to support Small Modular Reactors

British finance minister Jeremy Hunt said he would boost investment in nuclear power by launching a competition for small modular reactors, such as those being developed by Rolls-Royce, and funding if the technology proved to be viable. "I am launching the first competition for Small Modular Reactors," Hunt said in his budget statement on Wednesday.

"It will be completed by the end of this year and if demonstrated to be viable we will co-fund this exciting new technology." He also said he would consult on classing nuclear power as "environmentally sustainable" to encourage more private investment into the sector.