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GB Energy's £8.3bn plug pulled
Sunday Express
|March 09, 2025
THE Government is considering cutting funding for GB Energy in June’s spending review, which will come as a major blow to Secretary of State for Energy and Climate Change Ed Miliband.
State-owned GB Energy has been tasked with decarbonising the nation’s electricity grid by investing in and operating clean power projects.
The Government originally pledged £8.3billion over the course of the current Parliament. However, it was only given an initial £100million tranche in October’s Budget. But it has been reported that ministers are now considering whether they can afford to give GB Energy the entire £8.3billion.
The shock decision comes as Labour Prime Minister Sir Keir Starmer looks to prioritise defence spending amid shaky relations between Ukraine and the US.
This story is from the March 09, 2025 edition of Sunday Express.
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