Theresa May opposes Chinese investment in Britain, Vince Cable says

The plan by France’s EDF to build two reactors with financial backing from a Chinese state-owned company was championed by May’s predecessor David Cameron as a sign of Britain’s openness to foreign investment.

The former Liberal Democrat business secretary, who worked with new PM Theresa May in government when she was home secretary, also revealed she had “raised objection” to the Hinkley Point project, which is backed Chinese investment. “And it’s nearly certainly ruffled the feathers of the Chinese”.

She added: “Even supporters of nuclear power now recognise how bad this deal is”.

“But I think we have got a different prime minister with a different set of priorities and projects of this kind are going to be looked through a different filter”. The plans have led to the resignation of an EDF board member who said they were financially risky, echoing the criticism of French unions which said the project jeopardises the survival of the company.

The agreed strike price – a guaranteed price paid to EDF for the electricity generated by Hinkley Point – of £92.50 per megawatt hour is more than twice the cost of existing wholesale electricity prices.

Timothy said security experts were anxious the state-owned Chinese group, which owns a stake of about a third in the project, would have access to computer systems that would allow it to shut down Britain’s energy production.

Mr de Rivaz says Hinkley Point C will “deliver high-quality jobs for people of diverse backgrounds in Somerset and in all the regions of the country” and “is consistent with Theresa May’s vision”.

“We have never stopped the project and the teams kept working so that they could preserve the timetable”.

“CGN is already prepared, together with the strategic partner EDF, to continue pushing forward this programme, to give England safe, reliable and sustainable power”, CGN in its statement.

“The EDF Board’s decision is a huge achievement and one we should be proud of. Our job now is to maintain the courage, patience and dedication that have served us so well”.

May alerted French President Francois Hollande to her intention, a government source told Reuters.

Downing Street would not be drawn on Sir Vince’s claims.

“The Government will now consider carefully all the component parts of this project and make its decision in the early autumn”.

Referring to Chinese telecommunications giant Huawei, which is involved in a major partnership with BT, Sir Vince said Mrs May was “never completely satisfied about Huawei”.

The Sunday Telegraph reported Sir Vince saying that as home secretary, Mrs May was reluctant to relax visa rules for Chinese businessmen, but was over-ruled by former chancellor George Osborne.