Former Ambassador, Human Rights Activist
The spectacular and continuing fall in the value of the pound will add over £50 billion to the cost of Trident. Yes, bits of steel are being welded together in the UK, but the steel is imported and so is the missile technology.
Similarly, Hinkley Point will be in trouble. The Chinese and French are to build it against guarantees of income from future energy prices fixed at double the cost of current wholesale electricity. But the hard currency value of that income has now been slashed. I do not know the precise details of the contracts, but the French and Chinese not being stupid, my guess is that their income from it is set in a proper stable currency not in sterling. Which means that electricity prices to the British consumer will have to not just double as planned, but go up 50% again, to cover the diminished value of sterling.
Of course, it would be wonderful if all this led to both Trident and Hinkley Point being cancelled, but sadly politicians are wed to nuclear projects, both civil and military, as both symbol and source of vast central power for them and their paymasters. But the implications of paying for them with Mickey Mouse currency are going to bite the Tory loons hard in coming months.
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