China Furious, French Energy Giant Desperate, as UK Stalls $24bn Nuclear Deal

A Brexit negotiating ploy against France?

The UK government’s decision to postpone the signing of a controversial, tripartite $24-billion nuclear energy deal with state-owned companies from China and France could end up having serious ramifications not only for Britain’s trade relations with the world’s second largest economy, but also for the financial health of one of France’s biggest corporations.

“Right now, the China-UK relationship is at a crucial historical juncture,” wrote Liu. “Mutual trust should be treasured even more. I hope the UK will keep its door open to China and that the British government will continue to support Hinkley Point – and come to a decision as soon as possible so that the project can proceed smoothly.”

For the UK, forging closer trade relations with the world’s second largest economy should be a no-brainer. After Brexit, it has little choice but to court trading partners beyond Europe’s shores. In the last five years, China has invested more in the U.K. than in Germany, France and Italy combined. President Xi Jinping said that they were in a “golden era” of bilateral relations during his visit last year, which secured deals valued at over $50 billion. But now, that could all be on the line

Continue reading the article at WOLF STREET

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