Hinkley Is it value for money? Tim Yeo Well, it is only if it leads on to some lower costs in the future. Hinkley by itself, Hinkley as a one-off, is not terribly good value for money and we know that because the price is quite high. But if you haven’t built a nuclear power station for over 20 years, and you’re insisting it’s done by the private sector, you’ve got to pay. And if Hinkley is the first of a series then it could become value for money and, therefore, maybe an essential step. I do think nuclear, like the renewables, is an area where we need to focus on costs much more, because if the world has a revival of nuclear power, which in some places looks very likely, the Chinese are building, the Koreans are building, and not just in Korea, and several EU countries including us are also keen to build, I mean some of the Eastern Central European countries are quite far advanced. If you can get volume then you should be able to reduce costs significantly, and I think, because of our strong history of innovation in this country, we’ve often gone for first-of-a-kind technologies, which is exciting and can be beneficial. But in the short-term, it’s going to be expensive. Maybe, if we want to get better value for money, we should say: we won’t be proud, we don’t have to the first, let’s look at a technology which has been tried and tested somewhere else and buy it in volume. That may be one thing. The other thing I’ve suggested recently, and I believe this very strongly, is because the UK has this fantastic credit rating, you we can borrow more GB than almost any other borrower in the world, and because the construction period is so long in a nuclear power station the cost of capital during that five or six years is a significant part of the final cost of the power. And if we said, OK, if the government can find a way with the bankers of deciding how to share the risk, if we said if the government would fund the construction, and so during the period until it becomes operational the government would be the borrower, and then hand it over, it’s kind of a turnkey thing, well, here you are, let’s sell it to EDF for £10 billion quid or something, actually you can reduce the cost that way as well simply by using the credit rating, that we can borrow so much more cheaply than any commercial company can.