UK Government's Sheffield Forgemasters Loan Cancellation Under Scrutiny Amid Nuclear Program Expansion
The UK Government's decision to cancel an £80 million loan for Sheffield Forgemasters in 2010 is being re-evaluated as the need for nuclear energy solutions grows. Forgemasters is now pursuing a £1.3 billion expansion to support the manufacturing of components for nuclear power stations.
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The UK Government's cancellation of an £80 million loan to Sheffield Forgemasters in 2010 is under renewed scrutiny as the government aims to develop small modular reactors (SMR) for energy security. The Ministry of Defence acquired Forgemasters in 2021, which is now undertaking a £1.3 billion expansion project that includes a new 13,000-tonne forging line and a machining hall.
Former Business Secretary Sir Vince Cable acknowledged the loan's cancellation as a 'bad decision' that hindered industrial strategy. The government is in discussions about Forgemasters' potential role in the SMR initiative, with a goal of achieving 70 percent British-built components. Ongoing investment from the Ministry of Defence indicates a shift towards enhancing domestic nuclear capabilities.
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