00:00to power six million homes, employing 10,000 people, supporting thousands more jobs across
00:07the UK, including one and a half thousand apprenticeships, and putting hundreds of
00:13millions of pounds into the supply chain. And that's not all Congress. Because this
00:19government backs British innovation, and because the potential for faster, cleaner, cheaper
00:24energy is there. We will be backing new small modular reactors, investing in that technology
00:32and in the rapid deployment of fusion technology, backing our world-leading fusion plant in Nottinghamshire,
00:39providing a route for private sector-led advanced nuclear projects to be deployed here in the
00:46UK, bringing those jobs to Britain. The International Energy Agency estimates that the small modular
00:53reactor market will be worth up to 500 billion pounds by 2050. So if we want those jobs, we
01:02want that wealth, and we want to lead the world, then we must act today. And we are. To start,
01:10that means investing two and a half billion pounds to enable one of the world's first small modular
01:16reactor programs, supporting 3,000 jobs in the East Midlands in the process. A first step
01:23towards our ambition for a full fleet of small modular reactors across our country.
01:29And I can tell you today that following a two-year competition, we have selected the preferred
01:35company to partner with Great British Nuclear to develop small modular reactors. That preferred
01:41partner is Rolls-Royce, a great British business based in Derby.
01:52And Congress, I can tell you now that Taken Together, tomorrow's spending review sets out over £30
01:59billion of investment in Britain's nuclear-powered future. Friends, this Labour government is launching
02:07a new era of nuclear power here in Britain. And as we build, for transport, for jobs, for energy. That
02:22will mean jobs in British supply chains for our young people. Today's announcements are another step
02:29towards that great British nuclear ambition to make sure 70% of its future fleet is made here with home-grown
02:38content. We've already taken steps to modernise our approach to public procurement with simpler rules
02:45and a focus on growth here at home. And we will look to go even further to reform and streamline those
02:53procurement processes. And because our industrial ambitions rely on the ambitions and the talents of
02:59our young people. We will break down the barriers that those young people face in getting the skills and
03:04opportunities they want and deserve. And a strong national economy, investing in new nuclear, new transport,
03:12new military hardware, will mean something else too. New orders for steel. Steel made in Britain.
03:21In April, as a government, we faced a choice to allow British steel in Scunthorpe to go under or to intervene
03:36in a way that British governments have been too reluctant to do for far too long. I was not prepared to
03:44to tolerate a situation to tolerate a situation in which Britain's steel capacity was fundamentally
03:49undermined. In which our infrastructure, our industries, our security would become dependent on imported steel.
04:02And I was not prepared to see another working-class community lose the pride, lose the prosperity,
04:10and the dignity that industry provides. So this Labour government intervened to save British steel and
04:18the thousands of jobs that go with it.
04:25And I can tell you today that the package that I have set out will provide more than £420
04:31million of additional funding for Sheffield Forgemasters for the production of nuclear-grade steel for our
04:38nuclear ambitions. Thriving steel, thriving defence, and thriving energy industries. We've made in Britain
04:47a mark of quality around the world. Industries that bring pride, industries that bring good work,
04:54and wages that flow back onto our high streets and into our communities. Once again, things made in Britain,
05:03things made to last. Congress, I know whose side I am on. I know whose side this government is on. We promised
05:17you a government in the service of working people. A government backing Britain's industry, backing Britain's
05:25jobs and backing Britain's workers. Consider that a promise made and a promise kept. Thank you, Congress.
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