UK seeking golden shares in China’s nuclear power plans

THE UK would take golden shares in Chinese-owned companies seeking to operate nuclear power plants and insist that the firms are led by British nationals, under plans being considered by ministers to protect the country’s critical national infrastructure.

Conservative backbenchers are concerned about plans by China General Nuclear Power, a Chinese state-owned firm, to construct and operate a nuclear plant on the Essex coast.

A policy submission drawn up by Sir Bernard Jenkin, chairman of the Commons liaison committee, states that Bradwell B should be owned and operated by a British-based public company in which the Government would take a “special share” – known as a golden share.

The shareholding would enable ministers to block the sale of other shares to protect the security interests of the UK, prevent the appointment of board members and ensure that one or both of the chairman and chief executive is a security-cleared British citizen.

The plan is being considered by Alok Sharma, the Business Secretary, and Nadhim Zahawi, the minister for business and industry, as Oliver Dowden, the Culture Secretary, prepares to announce an about-turn that will see the UK dramatically phasing out the use of Huawei technology in Britain’s 5G network as soon as this year.

Last week The Sunday Telegraph disclosed that GCHQ has revised its previous assurance that the risks posed by the Chinese firm can be managed. An announcement is expected after the Prime Minister chairs a meeting of the national security council on Tuesday.

Mr Jenkin said: “Nuclear espionage is already an offence, which is so widespread that international concerns about its occurrence cannot be answered simply by reference to pre-existing regulatory frameworks and enforcement agencies.”