As someone who grew up on the coast in Cumbria, the UK’s world leadership in nuclear power was drummed into us from an early age.
Not far from where we lived, along the Irish Sea shoreline, was the vast Sellafield nuclear complex. Formerly known as Windscale, it included Calder Hall, the world’s first commercial nuclear power station, which went on-stream in 1956.
We were taught how Sellafield was world-beating and revolutionary, and while there was the danger of a nuclear accident, the chances of a serious leak were tiny and we should focus on British innovation and the contribution made to the nation’s electricity supply.
Sellafield very much still exists. It’s Europe’s largest nuclear site, covering 263 hectares (650 acres). But no power generation has taken place there since 2003; instead, today, it focuses on nuclear decommissioning, waste processing and storage.
If anything summed up the backwards direction of British energy policy over recent decades, it is Sellafield. No nuclear power station has been built in Britain since Sizewell B in 1995; electricity production from nuclear has fallen from 25 per cent to 15 per cent; of the five nuclear power stations presently operating, four are due to be decommissioned by 2028.
Rather than construct its own power stations, Britain has preferred to import to meet its energy needs, with the result that a country that should be perfectly capable of looking after itself, and had a head start on everyone else, is at the mercy of the markets.
If there is a shock to the system, as there was when Russia invaded Ukraine and energy supplies were switched off, then Britain is stuck, vulnerable to a lack of capacity and forced to pay high international prices.
It is a damning indictment of successive governments — Tory, Labour and coalition — and the short-termism, not to mention the nimbyist and blinkered approach of our politicians, that we find ourselves in this mess.
The Britain that lectured its children on the country’s genius where nuclear energy was concerned now looks across the Channel, to France, with envy.
Not that the new Energy Security Secretary is downcast. Adopting the boosterism that has become a hallmark of the Tories, first under Boris Johnson, then briefly Liz Truss and now Rishi Sunak, the minister, Grant Shapps, declares: “My very simple objective is to create the economy with the cheapest wholesale electricity price by 2035. That’s what I’m all about. Let’s have Britain with the cheapest energy in Europe.”
To which there are two replies: wow and how?
Nuclear UK
The fact he is no longer called Energy Secretary but Energy Security Secretary speaks volumes. But let’s concentrate on his claim. Rightly, Shapps says “the most successful economies in the world are the ones that have cheap energy prices”.
They’re the ones that meet their own requirements and do not have to run up import costs. For Britain that would have been largely achieved if we’d stuck with, and expanded, nuclear. But we didn’t and now we’re literally paying the price.
Johnson launched Great Britain Nuclear or GBN, with the aim of building a new reactor every year for a decade.
GBN would triple domestic nuclear production to 24GW by 2050, meeting a quarter of the demand for electricity. Eight large new reactors are due to be constructed, along with the two already under way, Sizewell C and Hinkley Point C.
This does not come cheap: Sizewell C will cost about £30 billion ($37.6 billion) and Hinkley Point C £33 billion. Hence, the UK government is going cap in hand to Gulf countries and their sovereign wealth funds.
Norway, with its enormous fund, is also on the Shapps shopping list. But progress here is slow. There is fierce competition, too, for their money.
There is a distinct lack of speed, also, when it comes to the actual planning and building. Delays to national infrastructure projects are in Britain’s DNA. Unless Shapps can change fundamental attitudes, that GBN nuclear target set by Johnson appears unattainable.
Included in the GBN plan were smaller nuclear reactors to be supplied by Rolls-Royce. The time frame for their delivery appears to be slipping as well, as typically process and tendering take charge.
France winning race
As well as nuclear, Shapps is looking to wind and solar to plug the gap. Here he is on stronger ground, especially where wind is concerned. Britain currently boasts the world’s three largest offshore wind farms and a fourth will soon be up and running. Johnson set a goal of 50GW from offshore turbines by 2030, up from 14GW at present. In fact, there is 76GW in the pipeline.
Onshore wind and solar are less productive and more difficult to implement on a large scale, thanks to local planning constraints.
None of this can operate in isolation. If it is to have any chance of succeeding in ceasing to import but also offering the cheapest energy, then Britain must draw economic firepower.
In today’s connected world, that means convincing green energy and electric-vehicle funders to choose Britain over elsewhere.
Here it is in a dogfight, and not only with the US, which has passed its Inflation Reduction Act containing $369 billion of subsidies aimed at incentivising green energy and electric carmakers.
Not content with its lead in nuclear, France has just landed the contract for ProLogium’s first overseas car battery plant, a giant gigafactory to be built at Dunkirk.
The mammoth plant will produce batteries on a large scale. It’s the Taiwanese company’s first overseas manufacturing venture and becomes the fourth such plant in the northern French port city, creating a specialist “cluster” devoted to the electric car industry.
President Macron’s government pulled out all the stops to win the deal, lobbying hard and throwing in all manner of sweeteners to see off the Netherlands and Germany.
Britain was not in the running. Where once it was far out in front, it’s not any more. We have a lot of catching up to do.
The biog
DOB: 25/12/92
Marital status: Single
Education: Post-graduate diploma in UAE Diplomacy and External Affairs at the Emirates Diplomatic Academy in Abu Dhabi
Hobbies: I love fencing, I used to fence at the MK Fencing Academy but I want to start again. I also love reading and writing
Lifelong goal: My dream is to be a state minister
COMPANY PROFILE
Name: Grubtech
Founders: Mohamed Al Fayed and Mohammed Hammedi
Launched: October 2019
Employees: 50
Financing stage: Seed round (raised $2 million)
UAE currency: the story behind the money in your pockets
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
How to donate
Text the following numbers:
2289 - Dh10
6025 - Dh 20
2252 - Dh 50
2208 - Dh 100
6020 - Dh 200
*numbers work for both Etisalat and du
The specs
Engine: 2.0-litre 4-cyl, 48V hybrid
Transmission: eight-speed automatic
Power: 325bhp
Torque: 450Nm
Price: Dh359,000
On sale: now
The specs
Engine: 5.2-litre V10
Power: 640hp at 8,000rpm
Torque: 565Nm at 6,500rpm
Transmission: 7-speed dual-clutch auto
Price: From Dh1 million
On sale: Q3 or Q4 2022
Company Fact Box
Company name/date started: Abwaab Technologies / September 2019
Founders: Hamdi Tabbaa, co-founder and CEO. Hussein Alsarabi, co-founder and CTO
Based: Amman, Jordan
Sector: Education Technology
Size (employees/revenue): Total team size: 65. Full-time employees: 25. Revenue undisclosed
Stage: early-stage startup
Investors: Adam Tech Ventures, Endure Capital, Equitrust, the World Bank-backed Innovative Startups SMEs Fund, a London investment fund, a number of former and current executives from Uber and Netflix, among others.
more from Janine di Giovanni
Gulf Under 19s final
Dubai College A 50-12 Dubai College B
Fixtures
Opening day Premier League fixtures for August 9-11
August 9
Liverpool v Norwich 11pm
August 10
West Ham v Man City 3.30pm
Bournemouth v Sheffield Utd 6pm
Burnley v Southampton 6pm
C Palace v Everton 6pm
Leicester v Wolves 6pm
Watford v Brighton 6pm
Tottenham v Aston Villa 8.30pm
August 11
Newcastle v Arsenal 5pm
Man United v Chelsea 7.30pm
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3EElmawkaa%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Hub71%2C%20Abu%20Dhabi%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Ebrahem%20Anwar%2C%20Mahmoud%20Habib%20and%20Mohamed%20Thabet%3Cbr%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20PropTech%3Cbr%3E%3Cstrong%3ETotal%20funding%3A%3C%2Fstrong%3E%20%24400%2C000%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3E500%20Startups%2C%20Flat6Labs%20and%20angel%20investors%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%2012%3Cbr%3E%3C%2Fp%3E%0A
The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
The permutations for UAE going to the 2018 World Cup finals
To qualify automatically
UAE must beat Iraq.
Australia must lose in Japan and at home to Thailand, with their losing margins and the UAE's winning margin over Iraq being enough to overturn a goal difference gap of eight.
Saudi Arabia must lose to Japan, with their losing margin and the UAE's winning margin over Iraq being enough to overturn a goal difference gap of eight.
To finish third and go into a play-off with the other third-placed AFC side for a chance to reach the inter-confederation play-off match
UAE must beat Iraq.
Saudi Arabia must lose to Japan, with their losing margin and the UAE's winning margin over Iraq being enough to overturn a goal difference gap of eight.
LA LIGA FIXTURES
Friday
Granada v Real Betis (9.30pm)
Valencia v Levante (midnight)
Saturday
Espanyol v Alaves (4pm)
Celta Vigo v Villarreal (7pm)
Leganes v Real Valladolid (9.30pm)
Mallorca v Barcelona (midnight)
Sunday
Atletic Bilbao v Atletico Madrid (4pm)
Real Madrid v Eibar (9.30pm)
Real Sociedad v Osasuna (midnight)
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
The%20Caine%20Mutiny%20Court-Martial%20
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EWilliam%20Friedkin%3Cbr%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3EKiefer%20Sutherland%2C%20Jason%20Clarke%2C%20Jake%20Lacy%3Cbr%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E3%2F5%3C%2Fp%3E%0A
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
Mohammed bin Zayed Majlis
