BUSINESS LIVE: Rolls-Royce secures mini nuclear plant funding; FCA under fire over LV; Bitcoin hits all-time high
The Government has thrown its weight behind a Rolls-Royce-led project to build mini nuclear reactors to help Britain go green and avert a power crisis in the early 2030s.
Each plant will be around the size of two football pitches – around a tenth of the size of a normal station – and can power one million homes.
The Financial Conduct Authority has drawn criticism over its handling of the US private equity takeover of LV, with MPs demanding that the City watchdog release details about the circumstances surrounding the historic British mutual insurer’s £530million sale to Bain Capital.
The deal would see LV lose its mutual status, and no longer be owned by its members but run by a profit-hungry investor.
Bitcoin and ether hit record peaks in Asia trading early on Tuesday, with enthusiasm for cryptocurrency adoption and worry about inflation driving momentum and flows into the asset class.
Bitcoin rose as high as $68,564 in Asian afternoon trade and ether, the second-biggest cryptocurrency by market value, earlier hit $4,825.
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Rolls and two other firms have agreed to put £195m into the project over the next three years, unlocking £210million in grants from the UK Research and Innovation Fund